African Solar Plan Revealed

IFC, a member of the World Bank Group, and Scatec Solar,
a Norwegian company specializing in photovoltaic solar systems, have signed an
agreement to develop solar power projects that will supply renewable energy to
address electricity needs in parts of West and Central Africa.

IFC InfraVentures, the Global Infrastructure Project
Development Fund, and Scatec Solar will develop, design, finance, construct and
operate solar photovoltaic plants each with the capacity to generate at least
10 megawatts of power. They plan to build a portfolio of projects in West and
Central Africa, starting in Benin, Burkina Faso, Cameroon, Niger, and Togo.

The agreement will enable IFC InfraVentures and Scatec
Solar to collaborate and benefit from each other's expertise, leveraging the
world-class technical expertise of Scatec Solar and the local knowledge,
networks, and funding capacity of the World Bank Group.   Raymond
Carlsen, Chief

Executive Officer of Scatec Solar, said, "Joining forces
with IFC InfraVentures allows us to combine Scatec Solar's know-how in
photovoltaic development, installation and operations with IFC's expertise in
financing and working with governments in a region where limited supply of
electricity is one of the major challenges for growth. We believe that this
partnership will be of great value to the countries we work in by reducing the
time required from project development to power generation."

Bernie Sheahan, IFC Director for Infrastructure in Africa
and Latin America, said, "Solar power generation has great potential, but has
had limited traction in AfricaScatec Solar brings solid know-how in solar
energy and a strong commitment to Africa that make it an ideal partner for IFC
to stimulate private sector investments in renewable energy."

Africa has the
fastest economic growth of any region, globally, with a rapidly increasing
demand for electrical power. However, the lack of infrastructure in many areas
has left people with few alternatives to relatively expensive and
environmentally unfriendly fuel -based generation. Certain areas in Africa
boast very favorable climatic conditions and solar power could provide an
efficient alternative to thermal generation. Furthermore, solar power is
well-suited to remote areas as it can be installed quickly helping improving
rural electricity access.