IFC partnership with Gaia Energy to Increase Wind Development Across Africa
Steel Guru - BusinessGhana reported that IFC, a member of the World Bank Group, has forged a new partnership with Gaia Energy to create a joint platform for the development of wind power and other renewable energy projects in Africa.
The new joint platform will start with a pipeline of 22 projects in nine countries in North, West and East Africa, representing a pipeline under development of more than 3 gigawatts. Originally developed by Gaia Energy, this pipeline will be progressively enlarged to new countries across the continent.
Mr Moundir Zniber, Founder and President of Gaia Energy said that “IFC’s expertise in financial structuring and mobilization as well as its environmental and social safeguards ideally complements Gaia’s tailor-made approach to develop projects in new markets. Our partnership is a key step in expanding our business in the countries where we are present, and hopefully beyond. IFC and Gaia share the same values and vision regarding sustainability and the importance of South/South Cooperation to build tomorrow’s Africa. Both work to power the continent through the adoption of renewable energies and sustainable development principles.”
The joint platform will be implemented under IFC InfraVentures, a USD 150 million global infrastructure project development fund created as part of the World Bank Group’s efforts to increase the pipeline of bankable projects in developing countries. It will also be supported by the EUR 114-million Finland-IFC Blended Finance for Climate Program, which helps spur private sector financing for climate change solutions, especially innovative and early-stage projects in emerging markets.