The French group Meridiam, a long-term private investor in public infrastructure, has completed the financing of a 30MWc photovoltaic centre in Senegal.

The total cost of the project is an estimated €43m. 

Proparco and BIO, the Belgian financial institution for development, have given the project a loan of €34.5m over 18 years in order to finance its construction and operation. 

The plant will provide the electrical equivalent of the annual consumption of 200 000 inhabitants at a more competitive price than that of the country's thermal power plant. 

After opening up Senegal's solar market with the Senergy solar plant, which is planned to become active in early 2017, Meridiam confirms its ambition to become a key actor in the sector through the development of this second solar project, named Ten Merina, in association with the French construction companies Eiffage and Solairedirect, a subsidiary of Engie which specialises in solar energy.

The Ten Merina plant will be located 10 km from the Senergy centre, in the Thiès region, East of Dakar.

Thierry Déau, founder and CEO of Meridiam, said: "Developed in line with Meridiam's goals in Africa, this project is once again highly representative of the considerable attention that we pay to the impact of infrastructure investments.” 

“We are producing electricity at a low price and reducing greenhouse gas emissions, all while ensuring that local populations see these economic benefits," he said.

Founded in 2005, Meridiam is an independent investment firm specialized in the development, financing, and management of long-term public infrastructure projects. 

With offices in Paris, New York, Toronto, and Istanbul and Dakar, Meridiam currently manages €5bn of assets.

The firm has to date invested in 50 projects, and is one of the first investors and asset managers to receive ISO 9001 certification for its responsible investment process and is a founding member of the Long Term Infrastructure Investors Association.