Senegal: Proparco is cofinancing the construction and operation of a photovoltaic power plant.

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.

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.

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.