OPIC to back 158-MW Senegal wind project

Wind farm. Author: TraumTeufel666. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.

September 21 (SeeNews) - The US government’s Overseas Private Investment Corporation (OPIC) will provide USD 250 million (EUR 224m) in financing for the 158-MW Taiba Ndiaye wind project in Senegal.

Irish company Mainstream Renewable Power, which is involved in the project through its clean energy joint venture (JV) with private equity firm Actis, said that the development finance institution has also committed to provide USD 70 million in reinsurance for the said project.

It was announced in June that Lekela Power, the 60/40 Actis-Mainstream JV, has acquired the rights to co-develop and invest in the 158-MW wind project in Senegal. At the time it said it expected to reach financial close later this year.

Today, on the sidelines of the US–African Business Forum in New York, OPIC and Lekela signed a commitment for the development, construction and operation of the wind park. The project is seen to boost Senegal’s available power capacity by 24%.

(USD 1 = EUR 0.895)

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Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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