The Emerging Africa Infrastructure Fund (EAIF) – a development finance organization established under the Private Infrastructure Development Group – has invested €11.5 million via a senior secured loan for the construction of an integrated solar and battery storage project in Senegal.
Dubbed the Walo facility, the 16 MW solar facility will comprise a battery energy storage system with a capacity of between 10 to 20 MW. The project will be constructed and thereafter operated by renewable energy company Africa REN under a 20-year power purchase agreement.
Through the integration of a battery storage system, the project is designed to mitigate intermittency challenges associated with solar while supplying clean electricity to consumers in the northern region of the country.
According to Tidiane Doucoure, EAIF Fund Manager, “Our investment in Walo is a sign of our confidence in Senegal’s rapidly growing energy sector. We are backing the introduction of innovative renewable energy technology as part of our broader commitment to prioritizing investment opportunities with a transformational impact and strong potential for replicability.”
A testament to the potential for renewable-backed power generation in Senegal, the facility is expected to create upwards of 150 jobs during its construction phase and 20 permanent positions while in operation.