Meridiam, the French infrastructure investment group is backing its second solar plant in Senegal, providing the almost €9 million in equity as part of a €43 million deal for the Ten Marina project, a 30MWc photovoltaic center which will be built in the country’s Thiès region, east of the capital, Dakar.
In addition to the equity investment, Proparco and BIO, respectively the French and Belgian development finance institutions, are providing the project with a €34.5 million 18-year loan to support the construction and operation of the plant. French construction company Eiffage and Solairedirect, a specialist solar development subsidiary of Engie, will develop the project, which will generate electricity volumes equivalent to the annual consumption of 200,000 people at a much more competitive price that the country’s thermal power plant.
The deal, which was led for Meridiam by West Africa Director Mathieu Peller, marks the third investment for Meridiam Africa Infrastructure Fund, the group’s Africa impact investment fund. The others include an airport in Madagascar and Senergy, Senegal’s first solar plant which is expected to come active early next year.
Meridiam, which was founded in 2005, currently manages €5 billion in assets and has invested in 50 projects to date.