EBRD backs 1 GW of renewables in 2017

The European Bank for Reconstruction and Development (EBRD) has extended financing for over 1 GW of renewable energy projects this year, it said on Wednesday.

Once completed, these projects are expected to avoid around 2 million tonnes of carbon dioxide (CO2) emissions annually, the lender estimates.

Among the schemes that received funds from the EBRD are the 55-MW Sainshand and the 50-MW Tsetsii wind parks in Mongolia’s Gobi desert and projects in Greece backed under a EUR-300-million (USD 354m) renewables framework. The lender also mentioned two important financing deals this week for a 50-MW solar park in Egypt and a 158-MW wind farm in Serbia. In Egypt, actually, the bank is financing 16 solar projects in total.

"Renewables is a sector where the EBRD is making a major contribution," said Nandita Parshad, head of Energy and Natural Resources at EBRD. "It plays to our strengths of galvanising private sector expertise in combination with support for reforms that incentivise investments in new green technology."

To date, the EBRD has provided over EUR 4 billion in direct investments for renewable energy projects worldwide, totalling 6.5 GW, it said.

(EUR 1.0 = USD 1.180)

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