OPIC commits $250 million in financing to Mainstream JV Wind Farm in Senegal
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.