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Proparco is financing the construction and operation of a 35 MWc photovoltaic power plant in Senegal. The energy produced should reduce emissions by 38,700 tCO2eq a year, while improving access to electricity for over 250,000 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 35 MWc photovoltaic power plant. The energy produced will be sold to the local utility (Senelec) at a price of FCFA 25/kWh.

Project impact

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

  • The photovoltaic power plant should reduce emissions by 38,700 tCO2eq a year, while improving access to electricity for 250,000 people.  
  • By increasing the electricity supply by an average of 58 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 1,050 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.
19/07/2019
Date of signature of the project
Senegal
Location
Financing tool
17 246 000 Euros
Amount of funding
EUR 17,246,000 loan
Financing details
Scaling Solar Senegal_Touba (Kael)
Client
CES