In June 2012, IFC InfraVentures signed a JDA with Scatec Solar AS (“SSO”), a small, experienced Norwegian photovoltaic (“PV”) power developer and contractor to develop a series of solar power projects in West and Central Africa.
IFC InfraVentures – the IFC Global Infrastructure Project Development Fund – helps develop public-private partnerships and private projects for infrastructure in developing countries. It provides early-stage risk capital and actively participates in the project development phase to create private infrastructure projects that are commercially viable and able to more rapidly achieve financing close.
Through IFC InfraVentures, the World Bank Group has set aside a $150 million fund, from which IFC can draw to initiate project development in the infrastructure sector. IFC serves as a co-developer and provides expertise in critical areas, while partially funding project's development.
IFC InfraVentures is an additional resource for addressing the limited availability of funds and experienced professionals dedicated to infrastructure project development, key constraints to private participation in infrastructure projects in frontier markets.