World Bank unit the International Finance Corp. (IFC) will invest $25 million in Alcazar Energy to support its ambitions in renewable energy in developing regions like Africa.
IFC, in a statement, said 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,” Maroun Semaan, Alcazar’s co-founder and chairman said.