American Capital to invest in 152-MW wind project in Senegal

Wind turbines at work. Author: Nick Cross. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

June 9 (SeeNews) - A unit of US asset manager American Capital Ltd (NASDAQ:ACAS) said on Monday it has committed to invest an estimated EUR 76 million (USD 86m) in a 151.8-MW wind project in Senegal.

American Capital Energy & Infrastructure (ACEI) will collaborate with French project developer Sarreole Sarl, funding development costs and project equity. The total capital cost of the planned wind farm is calculated at EUR 305 million, the bulk of which will be financed by senior and mezzanine lenders.

The wind park will be located in Taiba Ndiaye. It is Senegal's first industrial-scale wind power project and the biggest wind farm planned in West Africa. Through it, the Senegalese government seeks to diversify the country’s energy mix and reduce its reliance on oil-fired power generation.

The parties expect to build the plant over three years in phases of 50.8 MW. Upon completion, the wind farm will be selling its output to Senegal’s national utility Senelec under a 20-year power purchase agreement (PPA).

ACEI is a unit of American Capital's asset management arm -- American Capital Asset Management LLC. The firm has already closed the financing of a 36-MW wind project in Jamaica.

(EUR 1.0 = USD 1.131)

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