EBRD

In this edition of the Weekend Read, we turn to Egypt. The gigawatt-scale Benban project showcases the North African country’s solar potential, and premium prices for gas exports make the case for a more diverse energy mix. A nation with grand renewables targets – but slow installation rates – may finally be weaning itself off fossil fuel resources.

Utility-scale solar is stirring in the region, with support from development banks. Following a series of competitive auctions, PV projects have been commissioned and are under development in Uzbekistan and Kazakhstan. In the latter nation, corporate interest in distributed, small-scale renewables is growing but for further market uptake, additional incentives should be introduced, practitioners say.

The European Bank for Reconstruction and Development will contribute up to $100 million to support 150 MW of solar capacity, plus 53 MW of wind.

The European Bank for Reconstruction and Development has agreed to lend up to $4.8 million for investments in renewables in Egypt, including a PV project.

The London-based international lender has provided finance for the “up to 286 MW” project alongside Poland’s two biggest retail banks.

With fears over Europe’s gas supply tightening, the Australian government is forging ahead in the green hydrogen sector by launching tech incubator HyGate and awarding Volt Advisory Group cash to develop a renewable energy microgrid. Australian business Fortescue Future Industries and Europe’s Airbus will work on hydrogen-powered aircraft and Kawasaki Heavy Industries is making strides in transporting hydrogen from the state of Victoria.

The ILX pension fund investor set up with the backing of German, Dutch and British public money has committed to join the EBRD in providing the finance for climate-related investment across the lender’s sphere of influence.

The London-based development institution will offer up a loan and grant to fund the construction of five solar plants at municipal sites across Gaziantep, as part of the lender’s Green City program.

With Australia prepping plans for vast green hydrogen and ammonia production facilities, two of the country’s state governments are trying to drum up the end-user market as agreements are signed to drive use of the gas in Ukraine and Poland.

The London-based development finance provider has made more than €50 million available for sustainable investment across three separate credit lines recently.