IFC, a member of the World Bank Group, has announced the company is investing $25 million power company Alcazar Energy to develop and multiple solar and wind projects in the Middle East, Turkey and Africa. The hope is that the projects will aid the country’s economic growth while meeting growing power needs.

“MENA’s solar potential alone is massive,” says Maroun Semaan, Alcazar Energy co-founder and chairman. “Enough solar energy hits the region every year to satisfy the planet’s demand for power. The investment from IFC will help tap into that potential and boost power generation across the region at more competitive costs.”

Many areas throughout the MENA countries don’t have access to realiable power supply. However, cited by IFC show that power demand will grow by 84 percent by 2020. It is estimated that around $280 billion of investment will be required over the next five years to meet MENA’s growing electricity demand and the goal is to ensure much of the power demand is met by renewable energy sources.

“Powers shortages are a key barrier to economic growth and development across the region,” added Mouayed Makhlouf, IFC regional director for the Middle East and North Africa. “By harnessing the region’s considerable renewable potential, we can increase supply of sustainable, clean energy, helping to boost economic growth and alleviate poverty.”

The initiative is part of IFC’s broader regional strategy that focuses on improving the region’s infrastructure through renewable energy projects and fostering regional integration by helping companies expand operations to different parts of the region.