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

Solida Construction work Croatia first agrisolar power plant

Construction work begins on Croatia’s first agrisolar power plant

06 June 2023 - Solar power developer Solida is pioneering the application of the agrivoltaic-agrisolar concept in Croatia

Hristov Bulgaria Black Sea power interconnection

Hristov: Bulgaria joins Black Sea power interconnection project

06 June 2023 - Bulgaria will participate in the strategic partnership for the installation of a submarine cable under the Black Sea


Serbia adopts wind, solar power auction plan

06 June 2023 - Serbia's auction plan reveals that competitive procedures are envisaged for an overall 1.3 GW in wind and solar power through March 2025

Solar power plants in Serbia, North Macedonia, Slovenia and Austria, Regulations are key tool to drive investment

Solar power plants in Serbia, North Macedonia, Slovenia and Austria: Regulations are key tool to drive investment

06 June 2023 - While the European Union (EU) members combined appear to make good progress in the field of developing and expanding photovoltaic power plants, countries of Central and Southeast Europe lag far behind current photovoltaic capacities in the EU. Improvements in the regulatory framework and its harmonization with EU rules are the key incentive to drive new investment.