World Bank's MIGA provides guarantee for 159-MW wind farm in Senegal

The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, has issued a USD-105.4-million (EUR 90.6m) guarantee for a 158.7-MW wind project in Senegal.

The guarantee will back the construction of the Parc Eolien Taiba N’diaye wind park, which will be first large utility-scale facility of its kind in Senegal, the World Bank said on Wednesday. It will cover risks against expropriation, transfer restriction and inconvertibility, breach of contract, as well as war and civil disturbance for a term of 20 years.

The guarantee was issued to Lekela Power Holdings, the project company, which is owned by Africa-focused renewable power producer Lekela, a 60/40 joint venture between Actis and a consortium led by Mainstream Renewable Power.

The Parc Eolien Taiba N’diaye wind park will be constructed by Denmark’s Vestas Wind Systems A/S (CPH:VWS). The latter will also equip the plant with 46 units of its V126-3.45 MW turbines and service the facility for 20 years following completion. The machines are expected to start feeding electricity into the national grid in about two years.

According to the press release, Lekela presently has 360 MW of operational wind power plants, an additional 409 MW of capacity under construction and 425 MW in late-stage development in Egypt and Ghana.

(USD 1.0 = EUR 0.860)

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