Paris, July 18, 2019 –IFC, a member of the World Bank Group, has finalized financing for the first two Scaling Solar projects in Senegal, allowing construction to start on two solar plants that will provide 60 MWac of clean and low-cost power. The plants – sponsored by Engie, Meridiam, and Senegalese Sovereign Wealth Fund for Strategic Investments (FONSIS) – are expected to reduce greenhouse gas emissions in Senegal by 89,000 tons of C02 equivalent per year, the same as removing 17,000 cars from the road.
The financing package for the two projects located in Kael and Kahone includes senior loans worth €38 million from IFC, the Finland-IFC Blended Finance for Climate Program , which helps spur private sector financing for climate change solutions in emerging markets, the European Investment Bank, and Proparco.
Scaling Solar is a World Bank Group program that offers competitive bidding and streamlined procurement for grid-tied solar photovoltaic power in emerging markets. The program is supporting the development of more than 1 gigawatt of solar power across Africa.
Senegal’s first Scaling Solar tender attracted significant international investor interest, receiving six bids for each project. The tenders resulted in tariffs of 3.80 and 3.98 Euro cents per kilowatt hour – one of the lowest prices for electricity in West Africa.
“Scaling Solar started in Zambia with the completion of the country’s first large-scale solar plant,” said Philippe Le Houérou, CEO of IFC. “The program is delivering tremendous results and continues to expand across Africa and into new regions. We are very pleased to see the two projects in Senegal reach financial close.”
About Scaling Solar
Scaling Solar is a World Bank Group solution that makes it easier for governments to quickly procure and develop large-scale solar projects with private financing. It includes a ‘one-stop shop’ package of technical assistance, templated documents, pre-approved financing, insurance products, and guarantees. Scaling Solar has financing support of the Private Infrastructure Development Group, the UK's Department for International Development, USAID’s Power Africa, the Ministry of Foreign Affairs of the Netherlands, and the Ministry of Foreign Affairs of Denmark. For more information, please visit www.scalingsolar.org .
About IFC
IFC – a sister organization of the World Bank and member of the World Bank Group – is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2019, we delivered more than $19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org
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