Connect with us

Hi, what are you looking for?


Green Economy

EBRD Announces $250 Million Funding For Renewable Energy Projects In MENA Region

Renewable energy development in the Middle East and North Africa region continues to attract investment and financial support from global institutions.

The European Bank for Reconstruction and Development (EBRD), and other financial institutions, have announced the launch of a funding framework for private sector renewable energy development in four countries across the Middle East and North Africa (MENA) region, with private sector developers in Morocco, Egypt, Tunisia, and Jordan set to benefit from this framework.

The EBRD, along with the Climate Investment Funds’ Clean Technology Fund, and Global Environment Facility (GEF), will provide $250 million through debt and equity funding.

The first project to receive funding under this framework will be 120 MW MW Khalladi wind farm near Tangiers in Morocco, which is being developed by a special purpose company jointly owned by ACWA Power, Argan Infrastructure Fund, and UPC Renewables North Africa, that also received funding worth $124 million from Moroccan commercial bank BMCE Bank.

Egypt has emerged as a highly promising renewable energy market, project developers from around the world announcing plans to set up large-scale renewable energy projects in the country. Scatec Solar recently signed an agreement to set up 250 MW solar power projects, while ACWA Power, in partnership with Masdar Group, plans to set up 2 GW of solar and wind energy projects. TerraSolar and SkyPower have also announced plans to make significant investments in Egypt.

Jordan has an active solar power program and has already conducted two auctions allocating 400 MW. Recently, the European Investment Bank and the development bank of France announced debt finance package to boost development of transmission infrastructure for renewable energy projects.

Tunisia has an ambitious plan to increase the share of electricity generated from renewable energy sources to 25% by 2030. In 2009, the government announced the Tunisian Solar Plan through which 40 renewable energy projects will be set up.

Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Former Tesla Battery Expert Leading Lyten Into New Lithium-Sulfur Battery Era — Podcast:

I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it! We just don't like paywalls, and so we've decided to ditch ours. Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It's a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So ...
If you like what we do and want to support us, please chip in a bit monthly via PayPal or Patreon to help our team do what we do! Thank you!
Written By

Smiti works as a senior solar engineer at a reputed engineering and management consultancy. She has conducted due diligence of several solar PV projects in India and Southeast Asia. She has keen interest in renewable energy, green buildings, environmental sustainability, and biofuels. She currently resides in New Delhi, India.


You May Also Like

Clean Power

NeuroTech recently won the 2023 Zayed Sustainability Prize for its smart energy management system that uses Al-based algorithms and blockchain-based transactions to deliver 24-hour...


The African continent is bearing the brunt of climate change induced disasters. We see it on the news most nights. Here are some of...


BYD has been accelerating its overseas expansion program, strategically partnering with local entities in each market to swiftly launch its range of BEVs in...

Clean Power

Afrik 21 is a rich source of news about African EV uptake and the progress of renewable energy in the many countries of Africa....

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.