World Bank Group member IFC has announced plans to invest up to $50 million in Creative Energy Resources (CER) which will make investments in the Middle East and North Africa (MENA), in addition to
"We are pleased that IFC has made an equity investment in CER which will help us mobilize additional private investment," said Shahzad Qasim, CEO and Founder of CER. "We look forward to working with regional and international investors to improve power supply in the region."
CER is a newly formed holding company promoted by Swicorp Joussour, which has committed up to $100 million in the company. CER will develop, acquire, own, and operate a portfolio of thermal and renewable power generation projects. The company already made its first investment in
20.14% equity stake in a 585-MW gas-fired power project.
Nabil Triki, Head of Swicorp Private Equity, said the IFC’s equity participation in CER was an endorsement of the company’s business plan and management team. With increasing electricity demands and new laws that promote the private sector, Triki said now was a prime time for opportunities within the power sector.