IFC backs Jordan solar project with $188m finance

A solar power project expected to be the largest to date in Jordan has received financing of up to $188 million (£133m). IFC, a member of the World Bank, is supporting the 248MW Baynouna facility developed by Masdar, Abu Dhabi Future Energy Company. The solar plant is expected to generate enough electricity to power around […]

Nepal banks on promoting sustainable finance

A bank in Nepal is partnering with IFC, a member of the World Bank Group, to promote sustainable finance. IFC will help Nepal Rastra Bank (NRB), the central monetary authority of the country, adopt improved environmental and social risk management practices to strengthen its portfolio performance, generate business opportunities and boost competitiveness in the region. […]

India inks deal for lowest tariff solar energy project

An Indian state has signed an agreement for a solar power project, with a record low tariff. According to IFC, a member of the World Bank Group, which is the lead transaction advisor for the project, a tariff of 4.4 cents/kWh was offered through a bidding process. It states the 750MW project achieved the lowest […]

Egypt secures $50m loan for green projects

A member of the World Bank Group is providing a $50 million (£40m) loan to support sustainable projects in Egypt. The IFC is lending the money to the Arab African International Bank (AAIB) as part of a $100 million (£80m) package to help scale up its lending operations to small and medium enterprises (SMEs) and […]

Pakistan’s 720MW hydro project secures funding

A 720MW hydropower project in Pakistan has secured its last $100 million (£82.36m) of funding. IFC, a member of the World Bank Group, provided the finance to the $1.7 billion (£1.4bn) Karot hydropower development on the Jhelum River, which aims to address severe power shortages and spur growth across the nation. Karot is one of the largest private sector renewable energy projects in the country and has […]

IFC and Carbon Trust agree to beef-up sustainability

A deal has been agreed to improve productivity and reduce emissions in Brazil’s beef industry. World Bank member IFC and sustainability experts Carbon Trust have signed a Memorandum of Understanding (MoU) to support a major pilot programme to transform the resource efficiency of the sector and its supply chain. It is currently responsible for over […]

Cash boost for Jordanian gas-fired plant

A combined cycle gas plant in Jordan has received a $290 million (£232m) boost. Two members of the World Bank, International Finance Corporation and Multilateral Investment Guarantee Agency, are backing the design, construction and operation of the 485MW plant. It is expected to generate enough electricity for 620,000 individual residential customers annually and add about […]

World Bank arm invests $125m in Indian renewable firm

IFC, part of the World Bank Group, has announced it is investing $125 million (£103m) in an Indian renewable energy firm. The investment is expected to help Hero Future Energies, the renewable arm of Hero Group, to set up 1GW of greenfield solar and wind plants in the next 12 months across India. The company, […]

New £152m green bond to protect forests

A £152 million green bond to support private sector development and prevent deforestation in developing countries has been launched. The five-year bond has been sold to major global institutional investors including CalSTRS, Theehouse Investments, TIAA-CREF and QBE. The bond will be listed on the London Stock Exchange. It has been issued by the International Finance […]

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 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. […]