- Press Releases
October 6 (Renewables Now) - The Multilateral Investment Guarantee Agency (MIGA), part of the World Bank Group, has issued a guarantee of EUR 4.5 million (USD 5.2m) to support the construction, operation and maintenance of a 30-MWp solar plant in Burkina Faso.
MIGA said that French energy solutions company GreenYellow SAS will use the guarantee to cover its equity and quasi-equity investments in the photovoltaic (PV) project for a period of up to 20 years.
Named Societe de Production d’Energie Solaire de Ouagadougou SAS (SPES Ouagadougou), the PV park will sell its output to the local state-owned utility Societe Nationale d’Electricite du Burkina (SONABEL) under a 25-year take-or-pay power purchase agreement (PPA).
The country’s Ministry of Energy and the Ministry of Finance will also backstop the PPA through a public-private partnership (PPP) agreement, according to the agency.
In addition to SPES Ouagadougou, MIGA approved three other PV projects. These schemes, with a combined capacity of 102 MWp, constitute Burkina Faso’s first round of solar Independent power producers (IPP), MIGA noted.
(EUR 1.0 = USD 1.160)