Through the financing of the construction of two solar power plants in Senegal, Proparco, IFC and EIB are reaffirming their commitment to sustainable development on the African continent.
Two loans have been granted totaling EUR 38 million for the construction and operation of two plants, with a total installed capacity of 80MWp. They will be built in the rural regions of Kahone and Touba in central Senegal.
The two projects are the first ones in Senegal under the World Bank Group’s Scaling Solar program, which was designed to promote private investments in renewable solar energy in emerging markets. Following the approach, the projects were awarded after an international call for tenders lead by IFC’s Advisory team under a mandate from the Government of Senegal.
The Kahone and Touba solar power plants are expected to provide nearly 600,000 people with better access to renewable electricity.
These two projects will avoid the emission of 2.2 million tons of CO2 over the lifetime of the installations while producing the cheapest energy in the country. They thus contribute to the country’s ambitious objective of increasing the share of renewable energy in its energy mix.
They will also create or support more than 2,300 direct and indirect local jobs.
Original source: EIB
Published on 31 July 2019
