Energy boost for Middle East and South East Europe

A member of the World Bank has partnered with a power company to boost electricity generation in the Middle East and South East Europe. The International Finance Corporation IFC is […]

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By Jacqueline Echevarria

A member of the World Bank has partnered with a power company to boost electricity generation in the Middle East and South East Europe.

The International Finance Corporation IFC is to buy a 23% stake in UNIT Investment a subsidiary of UNIT.

It specialises in highly efficient gas-fired combined-cycle (CCGT) power plants and renewable energy.

The project is expected to raise $365 million (£233.6m) which will be used by the company to improve electricity access in regions with power shortages.

The IFC claims it is also investing in a CCGT power project with a capacity of 1.2GW in Iraq which is developed by UNIT Investment NV.

Wiebke Schloemer, IFC’s Head of Infrastructure in Europe, the Middle East and North Africa said: “The energy sector remains a priority for IFC in Turkey and the region, where there are ever-increasing demands for power. This investment represents one of IFC’s largest equity investments in Turkey’s power sector and will boost clean power generation.

“Such projects help bolster energy production, mitigate the impact of climate change and promote further investments by the private sector.”