EIB lends EUR 23m for 30-MW solar scheme in Burkina Faso

Sep 22, 2014 - The European Investment Bank (EIB) said today it will lend EUR 23 million (USD 29.5m) for the construction of a 30-MW solar photovoltaic (PV) project in Burkina Faso.

EIB will provide a 20-year loan for the EUR-70.5-million project, which will be built at Zagtouli on the outskirts of Ouagadougou, the African country’s capital city. Apart from EIB, the scheme is also backed by the French Development Agency and the European Union (EU).

National electric utility SONABEL will operate the solar plant once it is completed. Its construction will help lower the country’s reliance on energy imports from Ivory Coast and Ghana, while also preventing power cuts.

In late June, Canadian firm Windiga Energy said it had signed a contract with the government of Burkina Faso to construct a 20-MW solar park in Mouhoun province worth some USD 50 million.

(USD 1.0 = EUR 1.284)

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