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 35 MWc photovoltaic power plant. The energy produced will be sold to the local utility (Senelec) at a price of FCFA 25/kWh.
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.
This information is given at the time of signature, without prejudice to any developments in the operation/project