{"id":7141,"date":"2022-09-12T06:46:38","date_gmt":"2022-09-12T00:46:38","guid":{"rendered":"https:\/\/www.bnc24.com\/en\/?p=7141"},"modified":"2022-09-12T06:46:38","modified_gmt":"2022-09-12T00:46:38","slug":"ebrd-to-help-fund-transition-from-gas-to-wind-power-in-egypt","status":"publish","type":"post","link":"https:\/\/www.bnc24.com\/en\/world\/2022\/09\/12\/news\/7141\/","title":{"rendered":"EBRD to help fund transition from gas to wind power in Egypt"},"content":{"rendered":"<figure id=\"attachment_7142\" aria-describedby=\"caption-attachment-7142\" style=\"width: 300px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-7142\" src=\"https:\/\/www.bnc24.com\/en\/wp-content\/uploads\/2022\/09\/erd-300x171.jpg\" alt=\"\" width=\"300\" height=\"171\" \/><figcaption id=\"caption-attachment-7142\" class=\"wp-caption-text\">EBRD would raise up to $300 million in sovereign financing for projects including work to stabilize Egypt\u2019s grid. File<\/figcaption><\/figure>\n<p>CAIRO: The European Bank for Reconstruction and Development will help finance the decommissioning of 5GW of inefficient gas-fired power plants in Egypt from 2023 while pledging up to $1 billion for renewables, its regional director said on Sunday. EBRD would raise up to $300 million in sovereign financing for projects including work to stabilize Egypt\u2019s grid, adding battery storage, developing the local supply chain for renewables, and retraining workers, said Heike Harmgart, EBRD\u2019s managing director for the Southern and Eastern Mediterranean. A separate $1 billion pledged for renewables would be about one tenth of the private funding needed for 10GW of mainly wind-powered projects planned by the government by 2028, she added. Egypt is a natural gas producer that is trying to cut down on domestic consumption so that it can export more to Europe at a time of high prices and demand resulting from Russia&#8217;s invasion of Ukraine. It has a power surplus after installing three huge gas-fired power plants built by Siemens from 2015. The government is hoping gas exports can help contain pressure on Egypt\u2019s currency after the Ukraine war triggered the latest dip in dollar inflows from portfolio investment and tourism. As host of COP27, Egypt is giving a voice to some African states that want to continue using gas as a transition fuel to develop their economies. About 3GW of the planned 10GW of new renewable power would be made available for a pilot phase in the production of green hydrogen in Egypt\u2019s Red Sea port of Ain Sokhna, Harmgart said. Some would go to replacing capacity lost through the decommissioning of the thermal power plants. Egypt has announced a string of memorandums of understanding for green hydrogen and ammonia projects at Ain Sokhna. NEWS COLLECTED FROM ARAB NEWS.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CAIRO: The European Bank for Reconstruction and Development will help finance the decommissioning of 5GW of inefficient gas-fired power plants in Egypt from 2023 while pledging up to $1 billion for renewables, its regional director said on Sunday. EBRD would raise up to $300 million in sovereign financing for projects including work to stabilize Egypt\u2019s &#8230;<\/p>\n","protected":false},"author":2,"featured_media":7142,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-7141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"_links":{"self":[{"href":"https:\/\/www.bnc24.com\/en\/wp-json\/wp\/v2\/posts\/7141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bnc24.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bnc24.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bnc24.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bnc24.com\/en\/wp-json\/wp\/v2\/comments?post=7141"}],"version-history":[{"count":1,"href":"https:\/\/www.bnc24.com\/en\/wp-json\/wp\/v2\/posts\/7141\/revisions"}],"predecessor-version":[{"id":7143,"href":"https:\/\/www.bnc24.com\/en\/wp-json\/wp\/v2\/posts\/7141\/revisions\/7143"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bnc24.com\/en\/wp-json\/wp\/v2\/media\/7142"}],"wp:attachment":[{"href":"https:\/\/www.bnc24.com\/en\/wp-json\/wp\/v2\/media?parent=7141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bnc24.com\/en\/wp-json\/wp\/v2\/categories?post=7141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bnc24.com\/en\/wp-json\/wp\/v2\/tags?post=7141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}