Gulf Oil and Gas accountACCOUNT

IFC, OPIC Finance Power Plant to Boost Energy Supply in Senegal

Source: 11/26/2015, Location: Africa

IFC, a member of the World Bank Group, and the Overseas Private Investment Corporation today signed financing agreements for the 53 megawatt Cap des Biches power plant with project developer ContourGlobal, the Government of Senegal, and Senegal’s national electricity utility to help address growing demand for electricity in the country.

Under an innovative financing model, IFC is providing a cross currency swap while OPIC will lend up to $91 million to the project. Cap des Biches is a modern, heavy fuel, oil fired thermal power plant that guarantees high efficiency levels and lower cost of power thanks to its combined cycle technology.

The project is being designed, built and operated by ContourGlobal, a US-based leading power projects developer.

“ContourGlobal and OPIC have a strong history of partnership underpinned by results, and Cap des Biches is a milestone project both for OPIC and our support to President Obama’s Power Africa initiative,” said Elizabeth Littlefield, OPIC’s President and CEO. “This is the first power sector transaction of any size for OPIC in Senegal and I look forward to its transformative effect on Senegal’s infrastructure and economic growth. It’s also an important step for OPIC’s energy presence in West Africa, an exciting region with tremendous development opportunity.”

“Cap des Biches is an important project for Senegal’s power sector that will have a strong impact in providing much needed power to help sustain the country’s economic growth and implement Senegal’s Emerging Plan”, said Bertrand de la Borde, IFC Director for Infrastructure in Africa. “This is the fourth power plant that IFC has financed in Senegal, demonstrating our long-term commitment to the energy sector.”

Electricity is a development imperative and a prerequisite for sustained economic growth. It is estimated that Senegal must generate an additional 130 megawatts to meet its current needs. Once operational, the Cap des Biches project will play a significant role in helping to meet the 5-8 percent annual growth in demand for electricity. SENELEC, Senegal’s national electricity utility, will be the off-taker for the power generated by the project. The Cap des Biches project is OPIC’s first financing of a utility-scale power project in Senegal, and helps fulfill the U.S. development finance institution’s key role to carry out President Obama’s Power Africa initiative, which aims to add 60 million new electricity connections and 30,000 new megawatts in Sub-Saharan Africa. Earlier this year, OPIC surpassed its initial $1.5 billion pledge to private sector-led power projects under Power Africa, a total that included Cap des Biches. OPIC and ContourGlobal have previously partnered for important African power developments in Togo and Nigeria. Construction of the project has already started and is expected to be completed in May 2016.

Electricity News in Senegal >>

Egypt >>  7/1/2020 - Eni (as the Operator of the Block), BP and Total (as Contractor members) have successfully drilled the first exploration well in the North El Hammad l...
Egypt >>  6/24/2020 - Bilfinger Tebodin Middle East in Egypt has signed an Engineering Master Service Agreement with PETROJET with it's main office located in Cairo and 15 ...

Egypt >>  6/18/2020 - Cheiron announces that the GNN-4 well, which was drilled to appraise the recent GNN oil discovery, has been completed and successfully tested at initi...
Egypt >>  6/15/2020 - - Committed and planned energy investments in APICORP’s 2020-24 investment outlook amount to USD792bn, a USD173mn drop compared to USD965bn in 2019-20...

Algeria >>  6/9/2020 - The Bir Sebaa Group, made up of SONATRACH and its two partners PTTEP and PVEP, on the one hand, and the Italian company specialized in Engineering May...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 

Senegal Oil & Gas 1 >>  2 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.