OPIC to finance wind project in Senegal
The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, and Lekela Power, the Pan-African renewable energy generation platform delivering utility scale wind and solar power in the region, have signed a commitment for the development, construction and operation of a 158 MW wind farm in Taiba N’Diaye, Senegal.
OPIC committed US$250 million in financing and US$70 million in reinsurance to Parc Eolien Taiba N’Diaye.
The project is expected to increase Senegal’s available installed power capacity by 24 percent. Senegal suffers from a chronic deficit in electricity supply with regular power rationing and blackouts that adversely affect living conditions and economic development.
This project is a critical component of Senegal’s power generation and sustainable energy growth plan, and supports the goals of the U.S. Government’s Power Africa initiative.
Lekela completed the acquisition of co-development rights and sole rights of the project in June 2016.
Lekela’s current portfolio in construction and development is in excess of 1.3 GW with projects in Egypt, Ghana, South Africa and now Senegal. It is a joint venture between Actis, an investor in growth markets and global renewable energy developer Mainstream Renewable Power.
OPIC President and CEO Elizabeth L. Littlefield, said:
“This is a transformative project for many reasons, principally for the new and clean energy it will supply to Senegal. OPIC partnering with Lekela illustrates the opportunity for renewable resources to make a significant contribution to total energy needs. OPIC is proud to support the Taiba wind project and its role in advancing Senegal’s economic prosperity.”
Lekela CEO Chris Antonopoulos, stated:
“Energy is critical to the African continent and its continued growth. Lekela is uniquely positioned as a long term investor to provide clean, secure, reliable and competitive renewable energy in Senegal and across Africa.’’