Alcazar Energy gets support for green energy projects


July 7, 2015





July 7, 2015




IFC, a member of the World Bank Group, announced its investment of USD 25 million (EUR 22.7 million) in a pioneering power company, to help develop a series of renewable energy projects in the Middle East, Turkey, and Africa, spurring economic growth and helping meet the growing demand for power.

IFC’s equity investment will help Alcazar Energy, based in United Arab Emirates, develop and operate renewable energy projects, with a focus on solar and wind power plants, the press release said. „MENA’s solar potential alone is massive,” says Maroun Semaan, company’s co-founder and chairman. „Enough solar energy hits the region every year to satisfy the planet’s demand for power. The investment from IFC will help tap into that potential and boost power generation across the region at more competitive costs.”

The rapid growth in electricity demand and lagging supply has resulted in power shortages across Middle East and North Africa. According to studies, the demand for power will grow 84% by 2020, IFC said. It is estimated that around $280 billion of investment will be needed over the next five years to meet the region’s growing electricity demand.


Related Articles

Egypt add 1 1 GW solar wind power cheapest rates Africa

Egypt to add 1.1 GW in solar, wind power with cheapest rates in Africa

02 December 2022 - Two giant solar and wind power plants in Egypt will supply electricity at the lowest rates in Africa, IFC said

Electricity prices to be increased in Republic of Srpska from New Year

Increase of electricity prices in the Republic of Srpska as of January 2023

02 December 2022 - A large part of electricity consumers in the Republic of Srpska will be getting higher bills after the New Year

EU Energy Community support Serbia energy transition Várhelyi

EU, Energy Community extend support to Serbia in its energy transition

02 December 2022 - Minister of Mining and Energy Dubravka Đedović met with top officials from the European Union and Energy Community Secretariat

New applications Greece 3 3 GWh energy storage November

New applications in Greece for 3.3 GWh of energy storage in November

02 December 2022 - Greek energy regulator RAE received 44 applications for energy storage projects in November