The European Bank for Reconstruction and Development (EBRD), after investing over €4.5 billion, is now the leading investor in renewable energy. The EBRD has worked on such projects since 2006 and has now become the leader in every single market in which operates. This comes as just two years ago, investment in renewable energy even surpassed that of thermal power generation. This news has been welcomed by all interested in the environment and the economy and has further shown EBRD’s commitment to the cause.

Managing Director for Energy and Natural Resources at EBRD, Riccardo Puliti, has said “It is certain that increased use of renewable energy will play a central role in helping countries meet their climate commitments under the Paris COP21 agreement. Just as crucial will be the role of the private sector in financing the next stage of the renewables revolution.”

Many large projects have been backed by the EBRD directly with even more smaller ones benefitting through credit facilities set up by the organisation. The benefits of the investments are clear to see too as not only are domestic consumers seeing the local energy sources but also neighbours who are in need across the border too. The Black Sea Transmission Line (BSTL) is one cross-border facility that the EBRD had a heavy hand in creating and a second, CASA-1000, is already being planned.

Turkey’s energy market has been growing significantly of late and this has been utilised with the BTSL as hydro-generated electricity is taken from Georgia to Turkey. The project excited many and as a result saw much foreign funding as well as private investment. Shuakhevi Hydropower Plant (HPP) has been the biggest product of private investment so far with many other smaller hydropower plants also being produced.

The CASA-1000 is a project already in planning and is said to deliver any extra hydropower to Pakistan and Afghanistan from Kyrgyz Republic and Tajikistan; this will only occur in the summer months.