The IFC, part of the World Bank, has signed an agreement with China’s Chint Group to develop solar farms and supply chains in emerging markets.
The IFC, which funds private sector projects as opposed to the World Bank’s public sector focus, has previously announced a US$250 million fund for the development of solar.
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An IFC spokesman told PV Tech that the agreement was not just about funding solar power generation.
“The memorandum of understanding we signed with Chint is to set up a relationship to explore opportunities in manufacturing, power distribution, and solar farm development in Asia, sub-Saharan Africa, and Latin America,” he said.
“Our goal is to boost investment flows and technology transfers between emerging economies and to improve access to power in developing countries,” he added.
The IFC could not confirm any specific financial value or targets for the partnership with those details still being discussed at the time of print.
“Due to the booming utilisation of solar power and strong development of energy infrastructure, we have seen great opportunities in emerging countries,” said Nan Cunhui, chairman, Chint Group in a statement.