Financial Closure For 60 MW Solar In Senegal

With €38 Million Lent By IFC, EIB, Proparco & Finland-IFC Blended Finance For Climate Program, 60 MW Solar Projects Of Engie & Meridiam In Senegal Move Towards Construction Stage Under Scaling Solar Initiative
07:31 AM (Beijing Time) - 21. July 2019
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Senegal had awarded 2 solar power plants with 60 MW cumulative capacity and signed PPAs with a consortium of Engie and Meridiam in November 2018 under the World Bank Group's Scaling Solar program. With financial closure achieved, the projects are ready to move to the construction stage.

Key Takeaways

  • Two solar power plants awarded to a consortium of Engie and Meridiam in Senegal are ready to proceed to construction stage
  • The IFC has announced financial closure for these projects under Scaling Solar program
  • Financing package includes senior loans worth €38 million ($42.7 million) from the IFC, the European Investment Bank (EIB), Proparco and the Finland-IFC Blended Finance for Climate Program

Construction is about to start on 2 solar power plants with 60 MW capacity in Senegal after the World Bank’s International Finance Corporation (IFC) finalized financing. Both these projects are part of the Scaling Solar program of the World Bank Group.

The 2 projects in Kael and Kahone have received a financing package including senior loans worth €38 million ($42.7 million) from the IFC, the European Investment Bank (EIB), France’s Proparco and the Finland-IFC Blended Finance for Climate Program.

A consortium of Engie and Meridiam won the country’s first solar auction under Scaling Solar conducted for the 2 projects in April 2018 offering winning bids of $0.0380 per kWh for the Kahone plant and $0.0398 per kWh for Kael project in Touba. Senegalese national electric company SENELEC signed power purchase agreements with the winners in November 2018 (see Engie Consortium Signs PPA For 60 MW In Senegal).

Starting with Zambia, the Scaling Solar Program now spans 5 countries in Africa, comprising also Senegal, Madagascar, Ethiopia and the latest entrant, Tonga. Uzbekistan is also one of the countries taking help from the bank to procure clean, affordable solar power (see Togo Joins World Bank’s Scaling Solar Program).

According to the IFC, the Scaling Solar program is supporting the development of more than 1 GW of grid-tied solar PV plants across Africa.

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani