The Climate Investment Funds’ Clean Technology Fund (CTF) and the Global Environment Facility (GEF) will provide up to $35m and $15m in concessional financing, alongside EBRD.
The120MW Khalladi wind farm near Tangiers in Morocco will be the first project to benefit from EBRD’s SEMED initiative.
The clean energy generated at the projects will be sold directly to private sector consumers such as cement companies and hotel groups.
EBRD’s initiative is expected to boost private sector renewable energy generation across North Africa and the Middle East, where unreliability of energy supply is one of the main obstruction to economic growth.
Commenting on the initiative, EBRD power and energy utilities head Nandita Parshad said: "For the first time in this region the private sector is now able to produce and sell clean renewable energy on a commercial basis competing head to head with gas and oil-fired generation.
"We are grateful to our partners in this programme, the CTF and GEF funds and the Union for the Mediterranean for their support in catalyzing this development."
EBRD has committed to invest 40% of its annual business volume by 2020 in sustainable energy projects.
Image: The program will enable private sector companies to help import-dependent region develop clean, secure electricity. Photo: courtesy of European Bank for Reconstruction and Development.
