The equity investment will help develop a series of renewable energy projects in the Middle East, Turkey, and Africa. It is aimed at driving economic growth and help in addressing the increasing demand for power.
A focus will be on solar and wind power facilities to increase energy generation capacity and help create new jobs.
IFC said power shortages across various MENA countries were due to the sudden growth in energy demand and lagging supply.
Several studies indicate that the demand for power through out MENA countries will increase 84% by 2020.
It is estimated that about $280bn of investment will be required in the next five years to meet MENA’s surging electricity demand.
IFC regional director for the Middle East and North Africa Mouayed Makhlouf said: "Powers shortages are a key barrier to economic growth and development across the region.
"By harnessing the region’s considerable renewable potential, we can increase supply of sustainable, clean energy, helping to boost economic growth and alleviate poverty."
Alcazar Energy co-founder and chairman Maroun Semaan said: "MENA’s solar potential alone is massive.
"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."
