The European Bank for Reconstruction and Development (EBRD) approves on June 7 an agreement worth USD 500 mn to finance renewable energy projects in Egypt, Invest-Gate reports.

EBRD’s board of directors gave a nod to 13 projects, while another three are scheduled for discussion later in June.

Located near the village of Benban in Upper Egypt, the 16 plants will deliver 750 megawatts of solar photovoltaic capacity and are likely to reduce carbon dioxide emissions by 900,000 tonnes a year.

The framework supports the development of private renewable energy projects as part of the Egyptian government’s feed-in-tariff programme, which aims to encourage investment in over four gigawatts of wind and solar power.

The EBRD invested more than USD 3.9 bn directly in renewable energy between 2007 and 2016.