The European Bank for Reconstruction and Development (EBRD) will finance well over 1 GW of new renewables capacity in 2017. In October, the EBRD is completing two important renewable projects with financing in Egypt for the largest solar site in Africa and in Serbia for the country’s largest wind farm. According to the organization, »other investments this year have included important projects in Mongolia, Greece and Turkey, all countries with a legacy of fossil fuels and in most cases coal and lignite-based power systems.« To date, the EBRD has invested more than €4 billion ($4.7 billion) directly in renewable energy, supporting projects in over 20 countries and funding more than 6.5 GW of capacity.
Under the EBRD’s $500 million framework for renewable energy in Egypt, the EBRD is financing 16 new solar power plants, making it the single largest investor in renewable energy in the country. The 16 new plants, all located on a solar site near the village of Benban in Upper Egypt, will have 750 MW of solar capacity. Once it has been completed the Benban solar site will be the largest solar installation on the African continent, with a planned total capacity of 1.8 GW.