IFC to support MENA renewables with USD-25m investment

The International Finance Corp (IFC) will make a USD-25-million (EUR 22.7m) equity investment in Alcazar Energy to support it in developing renewables in the Middle East, Turkey and Africa.

IFC announced the plan in a statement on Tuesday, saying that the move would spur economic growth and aid in meeting the growing demand for power, while also creating jobs. Alcazar intends to develop and operate a series of renewable energy projects, mainly solar and wind parks.

“Enough solar energy hits the [MENA] region every year to satisfy the planet’s demand for power. The investment from IFC will help tap into that potential and boost power generation across the region at more competitive costs,” said Maroun Semaan, Alcazar’s co-founder and chairman.

IFC is part of the World Bank Group.

(USD 1.0 = EUR 0.906)

Choose your newsletter by Renewables Now. Join for free!