A World Bank group partners with a Moroccan firm to develop renewable energy in Africa

The International Finance Corporation (IFC), a World Bank financial institution that encourages private-sector development in developing countries, has partnered with Moroccan company Gaia Energy to establish a joint platform for the development of wind power and renewable energy projects in Africa, reports ESI Africa.

The new platform will build a pipeline of 22 projects in nine African countries.

«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», said Moundir Zniber, founder and President of the company.

He added that the «IFC and Gaia share the same values and vision regarding sustainability and the importance of South/South Cooperation to build tomorrow’s Africa».

«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 is pleased to partner with Gaia Energy and leverage a quality project pipeline in countries with strong wind potential», said David Donaldson, IFC head of InfraVentures for sub-Saharan Africa.

The joint platform will be created by IFC InfraVentures which is a $150 million global infrastructure project development fund.

The project will also be funded by a $133 million Finland-IFC Blended Finance for Climate Programme.