CER made its initial investment in a Pakistan company that has 20.14% equity stake in 585 megawatt (MW) gas-fired power project.
Shahzad Qasim, CEO and founder of CER, said: We are pleased that IFC has made an equity investment in CER which will help us mobilize additional private investment. We look forward to working with regional and international investors to improve power supply in the region.
Nabil Triki, head of Swicorp Private Equity, said: IFC’s equity participation in CER is an endorsement of the company’s business plan and management team. Soaring electricity demand and new laws promoting private sector investment have created many power sector opportunities.
Anita Marangoly George, director for infrastructure at IFC, said: IFC is pleased to partner with CER in increasing private participation in the development of power projects within the region. We expect CER to play an important role in providing power to an underserved part of the world.
