The SEMed Private Renewable Energy Framework “SPREF” aims to break down barriers preventing the development of private renewable energy markets in Morocco, Tunisia, Egypt and Jordan. The framework provides efficient financing mechanisms and targeted technical cooperation support for the implementation of renewable energy projects in the region. SPREF will support countries to meet renewable energy targets and avoid CO2 emissions. The project will benefit the following actors in the four southern and eastern Mediterranean countries (Egypt, Jordan, Morocco and Tunisia): Private international and local energy companies; Offtakers; and Policymakers.
Through SPREF the EBRD expects to provide financing of up to EUR 227.5 million (USD 250 million) and mobilize further investment from other parties for aggregate project costs of up to EUR 834 million (USD 917 million) . The Clean Technology Fund (CTF) has committed EUR 31.8 million (USD 35 million) and the Global Environment Facility (GEF) has committed EUR 13.6 million (USD 15 million) in concessional co-finance to accompany EBRD investments through SPREF.
This project is expected to avoid 780,000 tons of CO2 emissions annually.
About the promoter and partner institutions
Founded in 1991, the European Bank for Reconstruction and Development (EBRD) fosters transition to market economies in countries that are committed to, and apply, the democratic principles across central and eastern Europe, central Asia and the southern and eastern Mediterranean. It does this by financing investments, providing business services and getting involved in high-level policy dialogue in these countries to support private sector development.