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. 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.
