Burkina Faso is getting its first green energy project thanks to a €29 million loan from Emerging Africa Infrastructure Fund (EAIF).
EAIF has supported 20 renewable energy projects across Africa. It has invested US$350 million of loans to private sector developers, bringing Africa 825MW of clean, renewable energy.
The new €35.40 million large-scale renewable energy plant was announced Monday in London. A sole lender to the project, EAIF is lending Urbasolar SAS, the project’s developer €29 million, representing 80 percent of the total cost of constructing the 30 megawatts (MW) facility. This is the 20th clean energy project for EAIF.
Paromita Chatterjee, an investment director at EAIF’s managers while commenting on the support said:
“This project is a perfect example of how EAIF’s public-private partnership model can have lasting economic, social and environmental impacts while mobilising private capital and enterprise to create new infrastructure.”
Arnaud Mine, president of Urbasolar, and Emmanuel Kaboré, Urbasolar regional head – West Africa, who also comment on the project said; “as a European expert in solar power, the Urbasolar group is conscious of its role in developing this energy source in Africa, notably in Burkina Faso, where we already operate. It is Urbasolar’s conviction that the solar power sector offers solutions to numerous economic, environmental and social issues.”