IFC power investments are well-diversified by technology and geography, with over 150 million consumers reached through our projects. Investments in the power sector have a direct development impact:
Economic growth: Reliable electric power fuels industry and services, which in turn helps to create jobs and boost economic growth; provides light to schools, hospitals, and health clinics; improves household and urban safety; and helps farmers grow, process, and store food.
Climate change: A key objective of IFC’s strategy in the power sector concerns the greater commercial use renewable energy and energy efficiency measures in order to support the transition to a low-carbon world. IFC has financed more than 2,500 megawatts of wind power and more than 650 megawatts of solar power in emerging markets including China, India, Pakistan, Jordan, Nepal, South Africa, Chile and Mexico. Direct investments in renewable energy generation more than doubled in FY14 to reach over $1 billion. IFC's own account funds were further leveraged for total project size amounting to $8.8 billion.