(MENAFN) The European Bank for Reconstruction and Development (EBRD) will invest a whopping USD500 million in utility-scale solar photovoltaic plants in Egypt, considering its convenient climate, based on recent reports.
Starting 2016, the London-based development bank will install about 700 to 800 megawatts of solar energy in Egypt, and the main recipient of the EBRD's funds will be a 1.8-gigawatt solar park in Benban in the nation's southeast.
Meanwhile, about 90 percent of its electricity comes from fossil fuels in Egypt; therefore it's aiming for a target of generating up to 20 percent of its electricity from renewables by the net five years.
The Benban solar project will cost about USD4 billion to build and will comprise about 40 units, each with a capacity of 50 megawatts, not to mention that other top development-finance institutions plan to join in.
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