The European Bank of Reconstruction and Development and the World Bank’s International Finance Corp. have directed a total of $1.8 billion for Egypt’s solar energy parks, currently under construction, according to Bloomberg.
The EBRD is backing 16 photovoltaic projects, and the IFC is financing 13 in the sunny North African nation with a combined capacity of 1.4 gigawatts.
Egypt is targeting to generate 20 percent of its electricity from clean sources by 2022. It currently gets more than 90 percent of its power from oil and gas.
