January 23 (Renewables Now) - Infrastructure firm InfraCo Africa has agreed to take a 45% equity stake in a 40-MWp grid-connected solar project in the Republic of Guinea, Africa Business Communities reports.
The joint development agreement (JDA) with Solveo Energie SAS, Solveo Guinea Renewable Energy SA and Solveo International Investments SARL is for the Khoumagueli photovoltaic (PV) project, InfraCo said last week. The parties have agreed for InfraCo, part of Private Infrastructure Development Group (PIDG), to invest up to USD 3.1 million (EUR 2.5m) to get the stake.
The solar park will be the first grid-connected PV facility in Guinea. It will be constructed near the city of Linsan, Kindia province, working in combination with a 75-MW hydropower facility so as to enable the plant to work at full capacity overnight.
The InfraCo investment will be allocated for early-stage development costs related to the scheme, the development of which is in line with Guinea’s strategy to promote investment in infrastructure and attract private sector investment.
In a separate press release, InfraCo unveiled a shareholders agreement with Berkeley Energy, committing to invest USD 30 million in a 70-MW geothermal project in Ethiopia, planned to be the first private geothermal scheme in the country.
(USD 1.0 = EUR 0.816)