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21st March 2018

Groundbreaking solar park saved by GAP is refinanced

Solar plant continues to produce renewable power for the national grid

A 20MW solar park which was saved from being mothballed with bridging finance from PIDG company Green Africa Power has been refinanced.

GAP lent €20m to GreenWish as the sole funder for the power plant in Senegal, called Senergy 2.

The deal meant an estimated 160,000 people were able to get access to much-needed electricity a year earlier.

GAP executive director Peter Hutchinson said: “There was a stable revenue-generating asset ideal for refinance with conventional long term senior debt, so it was only right that GAP stepped in.

“The project is the first of its kind for the country and is now successfully generating and selling power to Senegal’s national electricity company, Senelec.”

Financial close has been reached on refinancing of the debt, with FMO as lead arranger and BOI. There are also plans to expand the capacity of the plant to 24MW.

The photovoltaic solar power plant, in Bokhol, Dagana department, funded by UK Aid and Norway’s Ministry of Foreign Affairs, was officially opened by President Macky Sall, in October 2016.

In Senegal, 45 per cent of people have no access to power.