The Overseas Private Investment Corporation ( OPIC), the U.S. Government’s development finance institution, and Lekela Power have signed a commitment for the development, construction, and operation of a 158-MW wind farm in Taiba N’Diaye, Sengal. Lekela Power is a pan-African renewable energy generation platform
According to OPIC and Lekela, Senegal suffers from chronic power supply issues and the wind project is expected to increase power capacity by 24%.
OPIC committed $250 million in financing and $70 million in reinsurance to Parc Eolien Taiba N’Diaye while on the sidelines of the U.S. – African Business Forum in New York City this week.
“This is a transformative project for many reasons, principally for the new and clean energy it will supply to Senegal,” said OPIC President and CEO Elizabeth L. Littlefield. “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”
The project is expected to increase Senegal’s available installed power capacity by 24%. Senegal suffers from a chronic deficit in electricity supply with regular power rationing and blackouts that adversely affect living conditions and economic development. The cost of electricity in Senegal is high because nearly 90% of the electricity is currently generated using costly oil-based fossil fuel.
“Energy is critical to the African continent and its continued growth, and Lekela is uniquely positioned as a long-term investor to provide clean, secure, reliable and competitive renewable energy in Senegal and across Africa’’ said Lekela CEO Chris Antonopoulos.
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.
Filed Under: Construction, Financing, News, Projects
