Original disclosure @ IFC website
Updated in EWS Feb 22, 2019
Disclosed by Bank Feb 19, 2019
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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.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||Kael Solaire SA||Client||-|
|-||-||-||-||Kahone Solaire SA||Client||-|
Contact Person: Karim Ndiaye, Investment Director
Company Name: Meridiam West Africa SAS
Address: Immeuble la Rotonde, rue Amadou Assane Ndoye, Dakar, Senegal
Phone: 221 33 829 64 98
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