EBRD, GCF earmark USD 1 bn for renewable energy fund in Egypt: The European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) are earmarking USD 1 bn to invest in renewable energy projects in Egypt, EBRD said in a statement. The EBRD is providing USD 352.3 mn while GCF is making a contribution of USD 154.7 mn and other sponsors co-financiers will bring the total investment to up to USD 1 bn. The EBRD says “the financing will allow independent power producers to invest in the first wave of private renewable energy production in Egypt.”

…In related commentary, Andrew Roscoe writes in MEED that Egypt “gets it right” with the second round of the feed-in-tariff agreement and has ironed out the issues from the first round. In the first round, after 40 bidders were prequalified, only nine signed power purchase agreements, with just three of them reaching financial close. “The impressive progress under second round is testament to Cairo having learned from the first round, and allaying fears of potential investors. The fact that more projects are likely to proceed in the latest round despite tariffs being reduced by more than 40 per cent from round one, shows increased confidence in Egypt to deliver on promises,” Roscoe adds.