- EIB has extended its financial support for a solar power plant operated by Sonabel in Burkina Faso
- The bank has approved €38.5 million financing to help expand a 37 MW project to 50 MW
- Separately in Croatia, EIB signed an agreement with the country’s Economy Ministry to expand cooperation on several areas, including renewable energy
The European Investment Bank (EIB) has committed its financial support to a solar power project in Burkina Faso. This will expand its capacity from 37 MW today to a total of 50 MW. The project is connected to the grid of national utility Sonabel that’s currently operating the plant.
The bank will provide a €38.5 million ($47 million) financing to the plant out of the total cost of expansion, estimated at €70.5 million ($85 million). With an expanded capacity, the project is aimed at addressing 10% annual increase in demand and lower the country’s dependence on foreign imports which is mainly supplied by Cote d’Ivoire.
In August 2020, Sonabel sought bids for the 9 MW Yeleen Solar Project with African Development Bank financing facility (see 9 MW Solar Tender Launched In Burkina Faso).
In a separate announcement, the bank entered an agreement with the Croatian Ministry of Economy and Sustainable Development to expand cooperation on the development and financing of renewable energy generation, transmission, green mobility among other areas.
“Croatia supports the decarbonization of Europe and we see it as an opportunity for the development of the Croatian economy. Our goal of running on renewable energy by 2030 is ambitious but achievable,” said Minister of Economy and Sustainable Development Tomislav Ćorić, PhD. “We also have a lot of new green projects that will decarbonize our economy and we see the EIB as a strong partner in implementing these projects.”