Africa REN Achieves Financial Close on Senegal Energy Storage Project
The solar storage project is being supported with a 20-year PPA.
Africa REN has announced the financial close of its pioneering Walo energy storage project in Senegal.
The scheme is the first project-financed photovoltaic solar and battery energy storage system (BESS) to be built in West Africa.
Africa REN will construct and operate the facility under a 20-year power purchase agreement (PPA) with local utility Senelec. The project, located in Bokhol in the north of Senegal, will have a solar capacity of 16MW and the BESS system 10MW / 20MWh. The total investment cost is estimated at €42 million.
Dutch development bank FMO and the Emerging Africa Infrastructure Fund will invest a total of €32 million in syndicated debt into the project.
Senegal is challenged by grid constraints due to limited spinning reserves and the ongoing integration of intermittent renewable energy. The Walo storage project will bring much-needed stability to the grid and help to reduce power outages.
About 150 direct jobs will be created during the implementation phase.
Photo: Energy Storage (© Malpetr | Dreamstime)
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