The West African Development Bank (La Banque Ouest Africaine de Developpement or BOAD) has approved loans for the development of three solar PV projects in Guinea Bissau. The African nation will get 25 billion XOF ($44.75 million) from the West African development financial institution.
The loan will partially aid the construction of a 20 MW PV plant in the country's capital city, Bissau. Two mini solar power projects of 1 MW capacity each will be set up in Gabu and Canchungo.
With these projects, around 500,000 people will have access to clean energy, better safe water supply, and will also 'alleviate housework through the installation of mills and multi-purpose platforms, stated a BOAD release.
Sub-Saharan African region, including Guinea-Bissau, is struggling to provide electricity to all its denizens. Electrification has not been in proportion of population increase. A 2014 report by think tank Green Alliance stressed that low carbon, decentralized energy installations can reach communities faster than a conventional central grid system. To be able to achieve universal energy access by 2030, more than tripling of the current capacity is required.
This financial package by BOAD is part of the bank's new commitments for the West African region amounting to a total of 106 billion XOF ($189 million).