Meridiam and partners, ENGIE and FONSIS, have achieved final close for two solar photovoltaic projects, Kahone Solaire SA (35MW) and Kael Solaire SA (25MWp), located in the Diourbel region of Senegal.

ENGIE and Meridiam hold a 40% shareholding in the project company. FONSIS, the Senegalese sovereign fund, is a shareholder with a 20% equity stake.

The total investment cost for the projects amounts to €47.5m.

Senior financing of €38m is provided by the pool of banks who initially supported the consortium, Proparco and EIB later joined by IFC.

Kahone and Kael solar plants are expected to provide nearly 600,000 people with better access to renewable and cheap electricity.

Mathieu Peller, COO of Meridiam Africa, said: “Together with the Senergy and the Ten Merina solar plants, these projects are Meridiam’s third and fourth developments in Senegal. They illustrate how committed we are to support further the transition of Senegal towards more clean and affordable energy while creating business opportunities for local communities.”

The solar PV plants are part of the Scaling Solar initiative in Senegal, conducted jointly by the Senegalese authorities and IFC.

ENGIE was selected as preferred bidder by Senegal’s Electricity Sector Regulation Commission (CRSE) in a tender launched in October 2017.

The projects are located in Kahone, in the Kaolack region, and in Touba-Kaël, in the Diourbel region; construction and operation of the plants will be managed and executed by ENGIE.

Yoven Moorooven, CEO of ENGIE Africa: “In an extremely competitive context, ENGIE reaffirms its commitment to be a long term player in Senegal and to bring clean and affordable energy to the country while creating sustainable jobs. These projects are perfectly in line with the strategy of the Group to become a leader in the zero carbon transition "as a service" for our customers in Africa.”

In Senegal, ENGIE is already involved in the Senergy project, a 30 MW solar photovoltaic plant in the town of Santhiou Mekhé and in Ten Merina, a 29.5 MW solar photovoltaic plant in the region of Thiès, near Dakar. Both projects are currently in operation.

In 2017, ENGIE signed a partnership with ANER, Senegal’s National Renewable Energy Agency which focuses on accelerating the development of renewable energy in the country.

The Group is also implementing solar energy solutions for rural households in Côte d’Ivoire and in Senegal through partnership agreement signed with L’Agence Sénégalaise d’Electrification Rurale (ASER).