Morocco: IFC gives Acwa Power a push

The World Bank’s International Finance Corporation private finance arm is investing up to $100m in Saudi developer Acwa Power, which “will help the company significantly increase the amount of power it generates from renewable sources and meet growing energy demand throughout the Middle East and North Africa [and] the southern cone of Africa”, the IFC said in a statement issued in Riyadh on 7 July. In Morocco, the investment was seen as providing further essential support for fast-growing Acwa Power, the flagship contractor for Moroccan Agency for Solar Energy (Masen)’s Ouarzazate solar power complex.