International Finance Corp. (IFC), a member of the World Bank Group, and China-based power systems provider Chint Group have signed a memorandum of understanding to develop solar farms, acquire targeted companies that offer complementary products and services, and open more manufacturing plants in emerging markets around the world.
‘Due to the booming utilization of solar power and strong development of energy infrastructure, we have seen great opportunities in emerging countries,’ says Nan Cunhui, chairman of Chint Group.
‘Universal access to power is critical to improve people's living standards and grow businesses in emerging markets,’ says IFC's executive vice president and CEO Jin-Yong Cai. ‘IFC and Chint have worked together in India to develop solar power during the last year. Now we are scaling up our partnership to find affordable and climate-friendly power solutions for developing countries in other parts of the world.’