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The International Finance Corporation (IFC) has said it will invest US$100mn into Saudi Arabia's ACWA Power
IFC, a member of the World Bank Group, said the investment would support ACWA Power's plans to expand in the MENA countries where high demand for power has propelled governments to invest in renewable energy.
Paddy Padmanathan, CEO of ACWA Power, said, “We are committed to delivering electricity at the lowest possible price to support the social and economic development of emerging economies in MENA. In particular, we hope to champion renewable energy in MENA and are excited by the possibilities that this partnership would bring.”
Officials from ACWA Power also stated that the company would continue to seek Greenfield power projects, including thermal and renewable energy projects, within the GCC and wider MENA countries.
IFC provided funds to ACWA Power when it was expanding in Jordan. Additionally, IFC has financed renewable projects exceeding a total of 2,650MW in China, India, Pakistan, Nepal, South Africa, Chile and Mexico. Reports added that the World Bank body has also been considering investing in Morocco’s 160MW Noor 1 solar project.
ACWA Power has added more than 15,000MW of power generation capacity globally and is also one of the largest owners/operators of desalination plants in emerging markets.
Mohammad A Abunayyan, chairman of ACWA Power added that ACWA Power’s success in emerging markets should set a strong example to encourage cross-border foreign direct investments, especially in Gulf countries.