Renewables

Alcazar Energy gets support for green energy projects

Published

July 7, 2015

Country

Comments

0

Share

Published:

July 7, 2015

Country:

Comments:

0

Share

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

Kacır Turkey is No 1 producer of solar panels in Europe

Kacır: Turkey is No. 1 producer of solar panels in Europe

29 February 2024 - Turkey will continue incentives for renewables and roll out an emissions trading system, Minister Mehmet Fatih Kacır said

SEEPEX businesses to enter electricity market

SEEPEX: Right time for businesses to enter electricity market

28 February 2024 - The need for the government to regulate power prices is slowly diminishing, experts from Serbian power exchange SEEPEX said, advising firms to turn to the market

Germany spearheads wind power development Europe 2023

Germany spearheads wind power development in Europe in 2023

28 February 2024 - Germany is spearheading wind power expansion in Europe, while Greece and Turkey have the strongest performances in the Balkans

Belgrade Energy Forum 2024

Belgrade Energy Forum 2024 – leaders of energy transition to meet in Belgrade on May 13-14

28 February 2024 - If you see the role of your organization or company as important and leading in the energy transition, and you count on the region's market, then BEF 2024 is the place to be