Location: Bokhol. northern Senegal
Project type: Grid-connected, greenfield
Technology: Solar PV
Camco involvement: Origination, Finance
A privately owned 20MW solar PV power plant in northern Senegal has provided a vital boost to generating capacity in a country where more than half the population do not have access to electricity.
The Senergy 2 project in Bokhol, Dagana department, is the first operational solar plant by an independent power producer (IPP) in the country, and was made possible thanks to a €20m construction finance loan from Green Africa Power (GAP). The project was developed by GreenWish Partners, a French renewable energy platform.
The high investment risks of such projects usually makes securing financing a difficult task for developers. In the case of Senergy 2, GAP’s investment advisers Camco and EISER Infrastructure Partners saw the project’s potential to promote the development of private sector-owned renewable power generation in a country with an urgent need for capacity improvements.
GreenWish Partners completed the development and financing of the project inside a year, before French company Vinci Energies finished the construction in eight months, creating 150 temporary jobs in the process. Today, the plant employs 25 full-time members of staff and results in an estimated 22,320 tonnes of avoided CO2 emissions per year.
Senergy 2 demonstrates the potential for a flexible financing facility to enable viable investments in renewable energy projects in areas where the market is not currently funding them.