The European Bank for Reconstruction and Development (EBRD) will provide a USD 28.5 mn loan for the construction of a 50 MW solar plant in Egypt’s Aswan governorate, Invest-Gate reports.

The loan is part of the EBRD’s USD 500 mn framework for renewable energy in Egypt, the bank said in a statement.

The project, scheduled to be built by Saudi-based Alfanar Energy, is the third solar plant under the EBRD’s framework.

EBRD is expected to finance a total of 16 such projects, delivering 750 MW of solar power.

Upon completion, the new solar plant will be the largest solar installation in the world with a planned total capacity of 1.8 GW, the statement added.

The EBRD loan will be complemented by a parallel loan of up to USD 28.5 mn from the Islamic Corporation for the Development of the Private Sector (ICD).