GreenYellow, a specialist in energy efficiency solutions, energy services and solar photovoltaic production, announces the signature with FMO, the Dutch entrepreneurial development bank, of a financing project for its solar power plant in Nagréongo
GreenYellow and FMO sign a financing project for the Nagréongo solar photovoltaic plant (Burkina Faso), the largest in GreenYellow's portfolio, for an amount of 21 million euros.
Launched last autumn, the construction of the plant, located about 30 km north-east of Ouagadougou in the commune of Nagréongo, which is scheduled to be commissioned at the end of 2021, will have an installed capacity of 30 MWp, an annual production of 50 GWh, and will save 27,500 tons of CO2 per year. Initiated under a Public Private Partnership signed with the state of Burkina Faso in 2019, the solar power plant will supply all the electricity it produces to Burkina Faso's national electricity company, Société nationale d'électricité du Burkina Faso (SONABEL).
Fully developed and built by GreenYellow, which will operate and maintain the plant, this large-scale plant will be the largest in GreenYellow's portfolio. At the peak of construction, approximately 200 people are employed on site.
The total bank loan from FMO amounts to €21 million, divided into three loan tranches: €7 million from FMO A, €7.9 million from FMO ICCF and €6.1 million from the Energy Access Fund, FMO AEF.
This project will provide clean and affordable electricity to Burkina Faso, which has one of the lowest electrification rates in the region but has major ambitions in terms of renewable energy and the fight against climate change.
The signing marks the beginning of a partnership between FMO - a major development finance institution - and GreenYellow, which is looking forward to a long-term collaboration for future projects on the African continent or in other geographies.
« The signing of this project with FMO supports our ambitions in Africa, a strategic renewable energy market where we continue to strengthen our presence in the IPP segment »,
said Robinson Alazraki, Africa Director at GreenYellow.
« We are looking forward to contributing to a substantial increase in generation capacity from renewable resources in Burkina Faso, at lower costs and with less dependency on imports. This project is the second of four solar power plants FMO finances in Burkina Faso, and the start of what no doubt will be a long and fruitful partnership with GreenYellow »,
says Huub Cornelissen, director Energy at FMO.