June 11 (Bloomberg) -- The International Financial Corporation, the World Bank’s private lending arm, and Norwegian developer Scatec Solar AS plan to build utility-scale solar parks in west and central Africa.
IFC InfraVentures and Scatec aim to finance, build and operate photovoltaic plants with more than 10 megawatts, according to a statement today. The plants will be developed at first in Benin, Burkina Faso, Cameroon, Niger and Togo.
Many Africans rely on fuel-based generation due to limited infrastructure and rising demand for electricity. Solar power could be an efficient alternative, particularly in remote areas, according to the partners.
The agreement will combine the developer’s technical know-how with the IFC’s expertise in “financing and working with governments in a region where limited supply of electricity is one of the major challenges for growth”, Raymond Carlsen, Scatec’s chief executive officer, said in the statement.