EBRD agrees financial guarantee for renewables in EU’s Southern Neighbourhood
Solar modules. Author: Marco Bellucci. License: Creative Commons, Attribution 2.0 Generic
The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are to provide EUR 50 million (USD 55m) of financial guarantees for renewable energy projects in Ukraine as well as in Jordan, Lebanon and Tunisia.
The guarantees provided by the EBRD to local banks are seen as helping generate total investments of up to EUR 500 million and provide additional renewable energy capacity of 340 MW. Such capacity will produce 970 GWh of power a year and save greenhouse gas emissions equivalent to 530 kilotonnes of carbon dioxide (CO2) annually.
This is the first EBRD guarantee programme funded through the EU External Investment Plan, which aims to boost investment into countries neighbouring the EU and in Africa.