IFC is considering investing with ACWA Power in the 160 megawatt Noor 1 project, in Ouarzazate, Morocco, which is the largest concentrated solar power project in the developing world.
IFC’s investment will support ACWA Power’s plans to expand into emerging markets where demand for power has prompted governments to plan for heavy investment in the power sector, especially renewable energy, over the next decade. ACWA Power will continue to seek Greenfield power projects, including thermal and renewable energy projects, within the Gulf Cooperation Council (GCC) and wider Middle East and North Africa (MENA) countries.
“We are committed to delivering electricity at the lowest possible price to support the social and economic development of emerging economies in MENA,” said Paddy Padmanathan, President and CEO of ACWA Power. “In particular, we hope to champion renewable energy in MENA and are excited by the possibilities that this partnership brings.”
Mohammad A. Abunayyan, Chairman of ACWA Power, said: “Being one of the few companies globally that has added over 15,000 MW of power generation capacity in the last decade, and one of the world’s largest owners and operators of sea water desalination plants, all in emerging markets, we are proud of this achievement, which has attracted the interest of IFC.”
IFC began working with ACWA in 2011, when it financed the company’s expansion into Jordan. IFC is also considering investing with ACWA Power in the 160 megawatt Noor 1 project, in Ouarzazate, Morocco, which is the largest concentrated solar power project in the developing world.
“This partnership will help increase power generation capacity, which will help to meet the increasing demand in emerging markets, especially in MENA,” said Mouayed Makhlouf, IFC Director for the Middle East and North Africa.
“ACWA Power’s success in emerging markets should set a strong example to encourage further cross-border foreign direct investments, especially from Gulf countries, to emerging countries within the region and beyond.”