EBRD LOOKS TO HELP EGYPT PIVOT TOWARDS SOLAR ENERGY

THE EUROPEAN Bank for Reconstruction & Development (EBRD)’s board of directors has approved 13 loans to develop solar energy in Egypt, lessening its dependence on gas, and making the most of its abundant sunlight. The projects are focused on Aswan province and the total funding will be USD500 million. The loans, which have been approved separately, including – for instance - financing of USD139.5 million for building three solar plants in Aswan, with a total output of 120MW. A spokesperson told Petroleum Review: “Overall, the 13 plants will generate ...


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