IFC InfraVentures, the Global Infrastructure Project Development Fund, and Scatec Solar will develop, design, finance, construct and operate solar photovoltaic plants each with the capacity to generate at least 10 megawatts of power.
They plan to build a portfolio of projects in West and Central Africa, starting in Benin, Burkina Faso, Cameroon, Niger, and Togo.
Raymond Carlsen, Chief Executive Officer of Scatec Solar, said, “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. We believe that this partnership will be of great value to the countries we work in by reducing the time required from project development to power generation.”
Bernie Sheahan, IFC Director for Infrastructure in Africa and Latin America, said, “slar power generation has great potential, but has had limited traction in AfricaScatec Solar brings solid know-how in solar energy and a strong commitment to Africa that make it an ideal partner for IFC to stimulate private sector investments in renewable energy.”