The Private Infrastructure Development Group (PIDG) and the Netherlands Development Finance Corporation (FMO) are providing €32 million to Africa Ren. The funding will be used to build a 16 MWp solar power plant with a storage system.
Africa Ren obtains financing to continue its Walo Storage project in Senegal. The renewable energy producer based in Paris, France, has secured €32 million for the construction of a solar photovoltaic power plant equipped with an electricity storage system in the town of Bokhol in the north-west of the country. The financing consists of an €11 million loan from the Emerging Africa Infrastructure Fund (EAIF) of the Private Infrastructure Development Group (PIDG). This guaranteed loan is accompanied by $1.5 million in Viability Gap Funding (VGF) provided by the PIDG’s technical assistance.
For its part, the Netherlands Development Finance Company (FMO) is providing a loan of €11 million, as well as additional funding of €8 million from the Energy Access Fund it manages on behalf of the Dutch government. The funds raised will enable Africa Ren to continue developing its Walo Storage project. The project involves the construction of a 16 MWp photovoltaic solar power plant.
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The facility, which will be connected to Senegal’s national electricity grid, will be equipped with a 10 MW/20 MWh lithium-ion battery storage system. This transaction is an important step for FMO, which is adding storage to its energy strategy, which goes beyond energy production and tackles the bottlenecks in the energy transition. With the Walo Storage project, FMO is also strengthening its strategic relationship with Africa Ren and its commitment to supporting Senegal’s energy sector,” says Huib-Jan de Ruijter, FMO’s Co-Chief Investment Officer.
The Bokhol power plant and storage system, which is due to come on stream this year, will reduce emissions by between 17,000 and 21,000 tonnes of carbon dioxide (CO2) equivalent per year. The new infrastructure will be operated under a 20-year power purchase agreement (PPA) signed with Senegalese National Electricity Company (SENELEC).
Jean Marie Takouleu
