13 September 2019

MIGA issues Kael and Kahone solar guarantees

Renewable energy
Middle East & Africa

MIGA has issued €6.9 million in guarantees to support Meridiam and Engie’s stakes in the 25MWac Kael and 35MWac Kahone solar projects in Senegal. The guarantees have been issued alongside loans from the IFC.

Financing for the two Scaling Solar projects was finalised in July. Structured via borrowing vehicles Kahone Solaire and Kael Solaire, the financing comprises €38 million of senior debt – a €7 million IFC direct loan and up to €7 million from the Finland-IFC Blended Finance for Climate Program, €13 million from the EIB and €13 million from Proparco. The projects are backed by 25-year PPAs with state-owned Senelec at tariffs of 3.8 euro cents per kilowatt hour for Kahone and 3.98 for Kael.

You might also like

30 November 2023

CPRI: Will the deal flow grow?

Plenty has been prophesied already about the budding relationship between credit and political risk insurers (CPRI) and development finance lenders, particularly as CPRI...

07 December 2023

Uxolo 2023 Development Finance Report: Reflecting the...

Experience is as influential a shaper of development finance policy as data, and this year's edition of Uxolo's Development Finance Report carries more canvassed responses...