The World Bank’s financial lending arm, the International Finance Corp. (IFC), will invest up to $100 million in ACWA Power to increase renewable energy power generation projects in the MENA region and southern African.
It is reported that the IFC is considering backing ACWA projects like the 160 MW Noor 1 in Ourazazate, Morocco –the largest CSP project in the developing world. And the company already has a base in South Africa.
“This partnership will help increase power generation capacity, which will help to meet the increasing demand in emerging markets, especially in MENA,” said MouayedMakhlouf, IFC Director for the Middle East and North Africa. “ACWA Power’s success in emerging markets should set a strong example to encourage further cross-border foreign direct investments, especially from Gulf countries, to emerging countries within the region and beyond.”
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