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Photo of a Senegal power plant

€20m construction finance agreed for solar power plant for Senegal

London, 21 September 2016

Logos for Green Africa Power Greenwish Eiser and PIDG

Intermediate capital and mezzanine finance facility Green Africa Power has agreed a €20m construction finance loan for Senergy 2 which will provide enough electricity for some 160,000 people from renewable sources.

A €20m loan to help finance the construction of Senergy 2, a 20 megawatt (MW) photovoltaic solar power plant in Bokhol, Dagana department, northern Senegal, has been agreed. Construction has already started on site and the plant is expected to be fully operational this year.

Senergy 2 will create an estimated 150 jobs during construction and 25 local jobs once the plant is operational, as well as reduce the country’s CO2 emissions by 22,320 tonnes per year.

Lender Green Africa Power (GAP) is a member of the Private Infrastructure Development Group (PIDG) and funded by the UK Department for International Development, the UK Department for Business, Energy & Industrial Strategy and the Norway Ministry of Foreign Affairs. GAP’s mission is to promote the development of private sector owned renewable power generation in sub-Saharan Africa. GAP is supported by investment adviser EISER Infrastructure Partners LLP (EISER) alongside Camco Clean Energy.

Senergy 2’s lead developer and sponsor GreenWish Partners is an investment company which specialises in renewable energy generation projects in sub-Saharan Africa.

GAP’s loan to Senergy 2 will enable construction to be completed and the plant to become fully operational. As the sole debt provider at this stage, GAP will reduce financial risk by allowing time for long term senior debt to be put in place.

The project will contribute 20MW towards the Government of Senegal’s commitment to substantially increase the installed power generation capacity of the country.

Welcoming the deal, GAP Chair Jim Cohen said: ‘45% of people in Senegal have no access to power and this is holding back economic development. Once operational, Senergy 2 will make an important contribution to Senegal’s capacity for growth. GAP is actively looking for similar projects, which will bring more power to Senegal and other sub-Saharan countries in need of renewable energy. Senergy 2 shows the market what can be done.’

GreenWish President Charlotte Aubin Kalaidjian said: ‘GAP’s focus supports GreenWish’s own goal to encourage affordable renewable energy projects throughout sub-Saharan Africa. The electricity generated by Senergy 2 will be both environmentally friendly and competitive, with a cost per kilowatt-hour 50% below the current cost of the energy mix. GAP’s loan will mean construction can continue through to operation.’

EISER Partner, Vivian Nicoli said: ‘The Senergy 2 project is an important demonstration of GAP’s ability to enable viable investments in renewable energy projects in areas where the market would not otherwise support them. Capacity improvements are needed urgently in Senegal, but high up-front costs can make financing renewable projects difficult due to a lack of willing long-term capital. By providing a construction finance loan, GAP can act to alleviate this impasse. Once construction has completed and the sponsor has been able to secure senior debt financing, GAP’s funds can be released and re-invested in other much-needed infrastructure projects across sub-Saharan Africa.’

About Senergy 2

Due to be completed in Q4 2016, Senergy 2 is expected to be Senegal’s first operational IPP solar power plant.

The project is predicted to provide 159,817 people with a better supply of renewable electricity through the national grid, via a nearby substation which is already in operation.

The power generated at the site will be sold to the national electricity company of Senegal (Senelec) through a Power Purchase Agreement. The project will contribute 20MW to Senegal’s current installed power generation capacity of 860 MW.


Green Africa Power is funded by:

UK Aid and the Norwegian Ministry of Foreign Affairs

Notes to editors

For interviews with PIDG’s chief executive officer Philippe Valahu or GAP’s executive director Peter Hutchinson call senior communications manager Rebecca Goding on +44 (0)20 3058 3182 or email here.

1. GAP’s aim is to stimulate private investment in renewable energy power generation projects in developing countries in sub-Saharan Africa, to reduce reliance on fossil fuels through diversification into renewable energy. Founded in 2013, the specialised finance facility can invest intermediate capital (quasi-equity/mezzanine finance) in renewable energy projects. GAP is designed to stimulate the private sector appetite for investments in ‘greenfield’ infrastructure. A member of the Private Infrastructure Development Group, GAP is funded by the UK Department for International Development, the UK Department for Business, Energy & Industrial Strategy and the Norway Ministry of Foreign Affairs.

2. The Private Infrastructure Development Group (PIDG) encourages and mobilises private investment in infrastructure in the frontier markets of sub-Saharan Africa, south and south-east Asia, to help promote economic development and combat poverty. Since 2002, PIDG has supported 133 infrastructure projects to financial close, of which 56 are fully operational. PIDG is a multilateral organisation, funded by donors from seven countries (UK, Switzerland, Australia, Norway, Sweden, Netherlands, Germany) and the World Bank Group.

3. Green Africa Power is advised by EISER Infrastructure Partners LLP (EISER), in collaboration with Camco Clean Energy (Camco). EISER is an independent infrastructure fund manager that combines deep infrastructure experience with strong financial expertise. EISER invests in quality infrastructure assets in the energy (including renewables), transport and environmental sectors. EISER is authorised and regulated by the Financial Conduct Authority. Camco Clean Energy is part of the REDT plc Group. Camco has over 25 years on-the-ground experience developing and financing with renewable energy projects, development and policies in sub-Saharan Africa. Camco Management Limited is an Authorised Representative of Mirabella Partners LLP, which is authorised and regulated by the Financial Conduct Authority.

4. GreenWish Partners was founded in 2010 by Charlotte Aubin Kalaidjian and joined by Gilles Parmentier in 2014 to build a renewable energy investment platform dedicated to sub-Saharan Africa. GreenWish looks to develop a 600MW portfolio of competitive renewable energy on grid and off grid solutions for national utilities, commercial and industrial off takers in multiple countries throughout sub-Saharan Africa.

5. The Department for International Development (DFID) leads the UK’s work to end extreme poverty, building a safer, healthier, more prosperous world for all of us which is firmly in the UK’s national interest. We’re ending the need for aid by creating jobs, unlocking the potential of girls and women and helping to save lives when humanitarian emergencies hit.

Further information

For Green Africa Power:

Rebecca Goding
Senior Communications Manager, PIDG
Direct Dial: +44 (0)20 3058 3182
Mobile: +44 (0)77 3974 9022
Email here

Peter Hutchinson
Executive Director, Green Africa Power
Direct Dial: +44 (0) 20 7808 7026
Mobile: +44 (0) 79 4006 1436
Email here

For EISER Infrastructure Partners:

Partner, Vivian Nicoli
Direct Dial: +44 (0)20 7323 7504
Mobile: +44 (0)77 3813 3028
Email here

For GreenWish Partners:

Communication agency 35°Nord
Nicolas Teisserenc
Phone: +33 618096690
Email here

For Department for International Development:

Media Team
Phone: 020 7023 0600
Email here