IFC to back ACWA's renewables expansion with USD-100m injection
Jul 8, 2014 - The International Finance Corp (IFC) said yesterday it will infuse up to USD 100 million (EUR 73.6m) in ACWA Power to help the Saudi Arabian firm boost its renewable energy generation capacity.
The World Bank's lending arm also pointed out that it is considering a joint investment with ACWA Power into the 160-MW Noor 1 concentrated solar power (CSP) plant in Morocco.
The USD-100-million injection will back ACWA Power’s efforts to extend its operations into emerging power markets where governments seek to pour funds over the next decade, especially in the renewable energy field, IFC noted.
ACWA Power develops greenfield power projects such as thermal and renewable energy schemes in the Gulf Cooperation Council (GCC) and wider Middle East and North Africa (MENA) countries.
IFC also mentioned it has so far funded almost 2 GW of wind and over 650 MW of solar power projects in China, India, Pakistan, Nepal, Jordan, South Africa, Chile and Mexico.