Moroccan firm to develop renewable energy projects in Africa

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The International Finance Corporation (IFC) has partnered with Gaia Energy which is a Moroccan company to establish a joint platform for the development of wind power and renewable energy projects in Africa.

Confirming the news was Moundir Zniber, founder and President of the company who 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 like Africa.

The joint platform will be created by IFC InfraVentures which is a US $150m global infrastructure project development fund. The project will also be funded by a US$133m Finland-IFC Blended Finance for Climate Programme.

“IFC and Gaia share the same values and vision regarding sustainability and the importance of South/South Cooperation to build tomorrow’s Africa,” he said.

Renewable energy a priority area

The new platform will build a pipeline of 22 projects in nine African countries. Generally, renewable energy is a priority area identified in the World Bank Group’s strategy that will help in advancing the climate solutions led by the private sector.

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

IFC is a World Bank financial institution that encourages private-sector development in developing countries.