IFC, others finance 60 MW of PV in Senegal under Scaling Solar

The International Finance Corporation (IFC) announced on Friday it has concluded financing for two solar projects in Senegal with a combined capacity of 60 MW.

The member of the World Bank Group, the Finland-IFC Blended Finance for Climate Program, the European Investment Bank (EIB) and Proparco provided senior loans worth EUR 38 million (USD 42.6m) for the said projects.

The projects, located in Kael and Kahone, are sponsored by Engie SA (EPA:ENGI), Meridiam and Senegalese Sovereign Wealth Fund for Strategic Investments (FONSIS). They are the first two projects in Senegal to be financed under the Scaling Solar programme, which supports grid-tied solar photovoltaic (PV) power in emerging markets.

In Senegal, the first Scaling Solar tender attracted six bids for each project, resulting in tariffs of EUR 0.038 per kWh and EUR 0.0398 per kWh.

(EUR 1.0 = USD 1.122)

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