OPIC and Lekela Power Sign Commitment for 158 Megawatt Wind Farm in Senegal
September 21, 2016
(OPIC)
New York, N.Y. – The Overseas Private
Investment Corporation (OPIC), the U.S.
Government’s development finance institution,
and Lekela Power today signed a commitment,
while on the side-lines of the U.S. – African
Business Forum in New York City, for the
development, construction and operation of a
158 megawatt wind farm in Taiba N’Diaye,
Senegal. OPIC committed $250 million in
financing and $70 million in reinsurance to
Parc Eolien Taiba N’Diaye.
“This is a transformative project for many
reasons, principally for the new and clean
energy it will supply to Senegal. OPIC
partnering with Lekela illustrates the
opportunity for renewable resources to make a
significant contribution to total energy needs.
OPIC is proud to support the Taiba wind project
and its role in advancing Senegal’s economic
prosperity” said OPIC President and CEO
Elizabeth L. Littlefield.
“Energy is critical to the African continent
and its continued growth. Lekela is uniquely
positioned as a long term investor to provide
clean, secure, reliable and competitive
renewable energy in Senegal and across Africa”
said Lekela CEO Chris Antonopoulos.
The project is expected to increase Senegal’s
available installed power capacity by 24
percent. Senegal suffers from a chronic deficit
in electricity supply with regular power
rationing and blackouts that adversely affect
living conditions and economic development.
The cost of electricity in Senegal is high
because nearly 90 percent of the electricity is
currently generated using costly oil-based
fossil fuel. This project is a critical
component of Senegal’s power generation and
sustainable energy growth plan, and supports
the goals of the U.S. Government’s Power Africa
initiative.
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