Casablanca, Morocco, July 31, 2018 —
IFC, a member of the World Bank Group, has forged a new partnership with
Gaia Energy to create a joint platform for the development of wind power
and other renewable energy projects in Africa.
Gaia Energy is a Moroccan renewable energy developer active in 10 countries
across Africa. The new joint platform will start with a pipeline of 22
projects in nine countries in North, West and East Africa, representing
a pipeline under development of more than 3 gigawatts. Originally developed
by Gaia Energy, this pipeline will be progressively enlarged to new countries
across the continent.
“IFC’s expertise in financial structuring and mobilization as well as
its environmental and social safeguards ideally complements Gaia’s tailor-made
approach to develop projects in new markets,” said Moundir Zniber, Founder
and President of Gaia Energy. “Our partnership is a key step in expanding
our business in the countries where we are present, and hopefully beyond.
IFC and Gaia share the same values and vision regarding sustainability
and the importance of South/South Cooperation to build tomorrow’s Africa.
Both work to power the continent through the adoption of renewable energies
and sustainable development principles.”
The joint platform will be implemented under
IFC InfraVentures, a $150 million global infrastructure project development
fund created as part of the World Bank Group’s efforts to increase the
pipeline of bankable projects in developing countries. It will also be
supported by the €114-million Finland-IFC
Blended Finance for Climate Program,
which helps spur private sector financing for climate change solutions,
especially innovative and early-stage projects in emerging markets.
“Wind energy and renewable energy in general are priority areas identified
in the World Bank Group's strategy to advance climate solutions led by
the private sector. IFC is pleased to partner with Gaia Energy and leverage
a quality project pipeline in countries with strong wind potential,” said
David Donaldson, IFC Head of Infraventures for Sub Saharan Africa. “IFC’s
support will help Gaia in its strategic choice of countries where efforts
should be intensified, and in taking projects to financial close.”
The energy gap is a major impediment to Africa’s development. Today, 650
million Africans do not have access to electricity and increased investment
is needed to meet the continent’s fast-growing energy demand. Renewable
energy offers an opportunity to accelerate access to clean, affordable
electricity and to attract private investment that will create jobs.
IFC—a sister organization of the World
Bank and member of the World Bank Group—is the largest global development
institution focused on the private sector in emerging markets. We work
with more than 2,000 businesses worldwide, using our capital, expertise,
and influence to create markets and opportunities in the toughest areas
of the world. In fiscal year 2018, we delivered more than $23 billion in
long-term financing for developing countries, leveraging the power of the
private sector to end extreme poverty and boost shared prosperity. For
more information, visit www.ifc.org
About Gaia Energy
Gaia Energy Holding is a leading independent
large scale renewable energy developer in Africa, headquartered in Morocco.
While adopting the highest international technical standards, Gaia is the
first African company having a prevalence in 10 energy markets under development.
Gaia offices gather a multicultural team of 40 experienced staff members.
The core mission of Gaia is to develop, finance, and bring to COD large
scale, renewable energy projects in emerging markets. For more information,