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Proparco is providing EUR 7,009,000 of financing for the construction and operation of a photovoltaic power plant in Senegal. The photovoltaic power plant should reduce emissions by 48,100 tCO2eq a year, while improving access to electricity for over 320,000 people.
Client presentation

The borrower is an SPV specifically set up for the project. The SPV’s shareholders are: 

  • The investment fund Meridiam;
  • The energy operator ENGIE; and
  • The Senegalese sovereign fund FONSIS.
Project description

The project involves financing the construction and operation of a 44 MWc photovoltaic power plant. The energy produced will be sold to the local utility Senelec.

Project impact

This project is expected to have major impacts on development in Senegal: 

  • The photovoltaic power plant should reduce emissions by 48,100 tCO2eq a year, while improving access to electricity for 320,000 people.  
  • By increasing the electricity supply by an average of 72 GWh a year, the photovoltaic power plant should strengthen the security of electricity supply in Senegal. In addition, a positive impact is expected on the financial balance of the electricity sector thanks to the very competitive generation cost.  
  • The solar power plant should support some 1,250 indirect local jobs over the next 5 years; the unskilled labor will be recruited in villages located near the photovoltaic power plant. Training will be provided for the implementation of photovoltaic modules and a training certificate will be given.
  • The project will also participate in the economic growth of the country by contributing to GDP and generating significant additional government revenues.
18/07/2019
Date of signature of the project
Senegal
Location
Financing tool
7 009 000 Euros
Amount of funding
EUR 7,009,000 loan
Financing details
Scaling Solar Senegal_Kahone
Client
CES