The European Bank for Reconstruction and Development (EBRD) is financing 16 new solar power plants with a capacity of 750 megawatts in Upper Egypt under the bank’s USD500mn framework for renewable energy in Egypt, the bank announced in a statement Wednesday. This makes the EBRD “the single largest investor in renewable energy in the country,” according to the statement. The power plants are located in Benban complex, which is set to become the largest solar power complex in Africa when it reaches a capacity of 1.8 gigawatts upon completion. The 16 plants are expected to reduce carbon dioxide emissions from fossil fuels by 900,000 tonnes a year, EBRD said.