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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