World Bank Group member, Multilateral Investment Guarantee Agency (MIGA), allocated a guarantee for solar projects in Senegal. These instruments, valued at $7.6 million, were financed by a loan from the IFC, another member of the World Bank Group.
These guarantees, valid for 15 years, were issued for the benefit of asset manager Meridiam and the French energy company Engie, which have partnered on several solar projects in the country. They cover the non-commercial risks of the construction, interconnection, operation and maintenance of two plants with a combined capacity of 60 MW.
The projects include the Kael solar park, which will have a capacity of 25 MW and is to be constructed near Touba, and the Kahone power station, with a capacity of 35 MW.
The two plants are the first projects carried out in Senegal under the Scaling Solar program. Once completed, the two plants will deliver their production to Sénélec, the national electricity company, under a 25-year power purchase agreement.