Meridiam closes financing for solar project in Senegal

The French group Meridiam has announced it has completed the financing of a 30 MW photovoltaic plant, the second of its kind in Senegal.  

After opening up Senegal's solar market with the Senergy solar plant, which is planned to become active in early 2017, Meridiam confirms its ambition to become a key actor in the sector through the development of this second solar project, named Ten Merina, in association with the French construction companies Eiffage and Solairedirect, a subsidiary of Engie which specializes in solar energy.

The total cost of the project is an estimated €43 million (US$45 million). The plant will provide the electrical equivalent of the annual consumption of 200,000 inhabitants at a more competitive price than that of the country’s thermal power plant.

Proparco and the Belgian Investment Company for Developing countries (BIO) have given the project a loan of €34.5 million (US$36.1 million) over 18 years in order to finance its construction and operation.

The Ten Merina plant will be located 10 km from the Senergy centre, in the Thiès region, East of Dakar.

Thierry Déau, founder and Chief Executive Officer of Meridiam, declared:

"Developed in line with Meridiam’s goals in Africa, this project is once again highly representative of the considerable attention that we pay to the impact of infrastructure investments. We are producing electricity at a low price and reducing greenhouse gas emissions, all while ensuring that local populations see these economic benefits."