EBRD, UfM target EUR 834m financing for renewables in Egypt, Jordan, Morocco and Tunisia

The European Bank for Reconstruction and Development (EBRD) and the Union for the Mediterranean (UfM) have teamed up to mobilise up to EUR 834 million (USD 892.86m) in financing for the development of private renewable energy projects in Egypt, Jordan, Morocco and Tunisia.

Financing will be accompanied by targeted technical cooperation support for the implementation of renewable energy projects in the region that aim to avoid 780,000 tonnes of CO2 emissions annually, EBRD said in a press release on Monday.

Through its SEMED Private Renewable Energy Framework (SPREF) EBRD is considering providing EUR 227.5 million in financing and attracting additional investment from other parties, including the Climate Investment Funds’ Clean Technology Fund (CTF) and the Global Environment Facility (GEF) to the tune of EUR 834 million.

The first project under the SPREF programme is the 120 MW Khalladi windfarm near Tangiers, in Morocco.

“The EBRD has placed a priority on climate finance in the southern and eastern Mediterranean (SEMED) region, where we have invested in 44 green projects worth over EUR 1 billion since 2012. Green investments account for roughly one-third of the EBRD’s total investments in the region, and we hope that will continue to grow, ” said EBRD Director of Power and Energy Utilities, Nandita Parshad.

(EUR 1 = USD 1.071)

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