IFC, Gaia partnership working to power Africa
World Bank Group member the International Finance Corporation (IFC) has forged a new partnership with Moroccan renewable-energy developer Gaia Energy to create a joint platform for the development of wind power and other renewable-energy projects in Africa.
Originally developed by Gaia Energy, the new joint platform will start off with a pipeline of 22 projects in nine countries in North, West and East Africa, representing a pipeline under development of more than 3 GW.
The project pipeline will be progressively expanded to include more African countries.
“The IFC’s expertise in financial structuring and mobilisation, as well as its environmental and social safeguards, ideally complement Gaia’s tailor-made approach to developing projects in new markets,” Gaia Energy founder and president Moundir Zniber said.
The partnership is a key step in expanding Gaia Energy’s business in the countries where it is present.
“The IFC and Gaia share the same values and vision regarding sustainability and the importance of South–South cooperation to build tomorrow’s Africa. Both [organisations] work to power the continent through the adoption of renewable energy and sustainable development principles.”
The joint platform will be implemented under IFC InfraVentures, a $150-million global infrastructure project development fund created as part of the World Bank’s efforts to increase the pipeline of bankable projects in developing countries.
The platform will also be supported by the €114-million Finland-IFC Blended Finance for Climate Program, which helps to spur private-sector financing for climate change solutions, especially innovative and early-stage projects in emerging markets.
“Wind energy and renewable energy, in general, are priority areas identified in the World Bank Group’s strategy to advance climate solutions led by the private sector,” IFC sub-Saharan Africa infrastructure head David Donaldson commented.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation