FONSIS just completed the financial close of a CFAF 31 billion investment for Kael and kahone, which are two solar projects of 60 MW.
Indeed, following the acquisition of both projects’ shares by Engie and Meridian, a Euros 38 million (up to FCFA 25 billion) investment agreement was signed with the consortium including Proparco, IFC and the European Investment Bank (EIB).
Such projects are located respectively in kael and Kahone and are part of the World Bank’s Scaling Solar Program, aiming to develop investments in solar energy.
Not only will these power plants help the Senegalese Government to comply with its commitment to integrate renewable energy resources into its energy mix, but also will they will give to SENELEC access to one of the lowest prices for electricity in West Africa.
FONSIS has been assigned by the Senegalese government to develop and invest alongside partners. Therefore FONSIS created both projects and carried out the preliminary studies before opening up the shares to the successful tenderers consortium including Meridiam and Engie. The consortium was selected as preferred bidder in a tender launched by Senegal’s Electricity Sector Regulation Commission (CRSE) said Mr Papa Demba DIALLO, the FONSIS’s CEO
After Senergy and Ten Merina power plants, which are currently in operation, we will soon start to build both plants. Such expansion of our portfolio demonstrates our commitment to develop renewable energy.”