IFC and Scatec Solar to develop solar power plants in Africa
Tuesday, 19 June 2012 10:02
Solar power projects supplying energy to parts of West and Central Africa are to be developed following an agreement between International Finance Corporation (IFC), and the Norwegian company, Scatec Solar, according to the African Press Organisation (APO)
The World Bank member, IFC, will work along side Scatec Solar and the Global Infrastructure Project Development Fund to oversee the design, finance, construction, and operations of the planned solar photovoltaic plants, which will generate at least 10 MW of power. They plan to build a portfolio of projects in Benin, Burkina Faso, Cameroon, Niger, and Togo.
According to APO, this is the first time a multilateral financial institution has partnered with a private company to develop solar power energy for Sub-Saharan Africa.
IFC director for infrastructure in Africa and Latin America Bernie Sheahan noted, “Africa has the fastest economic growth of any region, globally, with a rapidly increasing demand for electrical power.”
Scatec Solar chief executive officer Raymond Carlsen added, “Joining forces with IFC InfraVentures allows us to combine Scatec Solar’s know-how in photovoltaic development, installation and operations with IFC’s expertise in financing and working with governments in a region where limited supply of electricity is one of the major challenges for growth.”