News
13 September 2019

MIGA issues Kael and Kahone solar guarantees

In:
Renewable energy
Region:
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


Perspective
17 May 2024

Financing last-mile connections in Africa

Low-income household energy projects in Africa are increasingly being financed via securitisation structures. The deals are relatively small, but the impact could prove as...

Perspective
24 May 2024

SLBs: The right debt tool for biodiversity?

Sustainability-linked bonds (SLBs) can be more flexible than traditional green debt and are well-suited to the long-term, outcome-oriented, carefully structured KPIs that...