The IFC, a member of the World Bank Group, and Scatec Solar, a Norwegian company specializing in photovoltaic solar systems, have signed an agreement to develop solar power projects that will supply renewable energy to address electricity needs in parts of West and Central Africa.
IFC InfraVentures, the Global Infrastructure Project Development Fund, and Scatec Solar will develop, design, finance, construct and operate solar photovoltaic plants generating at least 10 megawatts of power. They plan to build a portfolio of projects in Benin, Burkina Faso, Cameroon, Niger, and Togo.
This is the first time a multilateral financial institution is partnering with a private company to develop solar power energy in Sub-Saharan Africa.
The agreement will enable IFC InfraVentures and Scatec Solar to collaborate and benefit from each other’s expertise, leveraging the world-class technical expertise of Scatec Solar and the local knowledge, networks, and funding capacity of the World Bank Group… Read more