Page 11 - AfrElec Week 15 2021

AfrElec RENEWABLES AfrElec

Emerging Africa Infrastructure Fund supports

30-MW solar plant in Burkina Faso

BURKINA FASO THE Emerging Africa Infrastructure Fund has close is anticipated to take place by the second
agreed to lend €29mn for the development of a quarter of this year.
30-MW solar plant in Burkina Faso. The project’s development coincides with
The Burkina Faso solar project is one of the an increased demand for energy, with recent
country’s first green energy plants, and at least strong GDP growth, urbanisation and structural
another 200 MW is expected to be assigned to changes.
the country over the next three years. “Harnessing Burkina Faso’s sunshine to
Burkina Faso has a population of 20mn, with improve its future prospects will bring many
40% living below the poverty line. The country benefits to the country and make an important
also has a low rate of electrification, and relies on contribution to fighting global warming,” said
electricity imports from neighbouring countries. Paromita Chatterjee, investment director at
The project finance, covering 80% of the Ninety One.
entire cost of the project, has been granted to the She continued to state that the project is a
project’s developer, Urbasolar. prime example of how EAIF’s public-private
EAIF is member of Private Infrastructure business model “can have lasting economic,
Development Group (PIDG), which promotes social and environmental impacts while mobi-
private infrastructure investment in developing lising private capital and enterprise to create new
countries, and is managed by Anglo-South Afri- infrastructure”.
can asset management company Ninety One, To date, EAIF has granted loans totalling
dual listed on the London and Johannesburg $350mn to private sector developers, which has
stock exchanges. provided Africa with 825 MW of clean energy.
This is the EAIF’s 20th renewable energy pro- Urbasolar’s president Arnaud Mine and West
ject. The solar project will supply the national Africa regional head Emmanuel Kaboré said in a
grid. joint statement that the project will also address
Situated about 250 km south-east of capital economic and social issues: “This project also
city Ouagadougou, all the electrical energy gen- includes a number of other measures such as
erated by the solar plant will be sent to Burkina education regarding solar technology, the pro-
Faso’s national power unit, La Société National vision of study grants and a microfinancing pro-
D’électricité Du Burkina Faso. gramme for local women, as well as support for
EAIF is the project’s sole lender, and financial the healthcare system.”™

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