SS Senegal (IFC-38959)

Countries
  • Senegal
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
SCALING SOLAR SENEGAL
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 15.88 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 14M
Converted using 2019-02-22 exchange rate.
Project Cost (USD)
$ 54.46 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 48M
Converted using 2019-02-22 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 22, 2019

Disclosed by Bank Feb 19, 2019

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The project consists of the development, financing, construction, operation and maintenance of two greenfield, solar photovoltaic power plants in Senegal: i) a 44 MWp (35 MWAC) plant in the Kaolack region, 200 kilometers southeast of Dakar (the “Kahone plant”); and ii) a 35 MWp (25 MWAC) plant in the Diourbel region, 190 kilometers east of Dakar (the “Touba plant”). The total project cost is estimated at up to EUR48 million, composed of EUR26 million for the Kahone plant and EUR22 million for the Touba plant. The proposed IFC investment is up to EUR14 million, comprising: i) an A Loan of up to EUR3.5 million and a concessional senior loan of the same amount from IFC acting as Implementing Entity of the Finland-IFC Blended Finance for Climate Program to Kahone Solaire SA; and ii) an A loan of up to EUR3 million and a concessional senior loan of the same amount from IFC acting as Implementing Entity of the Finland-IFC Blended Finance for Climate Program to Kael Solaire SA. Proparco and EIB are expected to provide the balance of the debt through senior loans of up to EUR7 million each to Kahone Solaire SA and up to EUR6 million each to Kael Solaire SA.

The electricity generated by the plants will be sold to Senelec, the state-owned power utility, under separate 25-year Power Purchase Agreements. The Kahone plant will be connected to the national grid via a 300-meter underground transmission line. The Touba plant will be connected to the national grid via a 3-kilometer transmission line. Kahone Solaire SA and Kael Solaire SA (the “Project Companies”) will be granted rights on the land on which the plants will be built through long-term lease agreements.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Engie SA Investor -
- - - - Kael Solaire SA Client -
- - - - Kahone Solaire SA Client -
- - - - Meridiam SAS Investor -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Contact Person: Karim Ndiaye, Investment Director

Company Name: Meridiam West Africa SAS

Address: Immeuble la Rotonde, rue Amadou Assane Ndoye, Dakar, Senegal

Email: k.ndiaye@meridiam.com

Phone: 221 33 829 64 98 

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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