EIB mulls loan for Gambia PV & storage project
The European Investment Bank (EIB) may provide finance to Gambia’s National Water and Electricity Company for a solar power-plus-storage and grid upgrade project in the country.
The financing would help the company to develop a project which consists of three components:
- a grid-connected photovoltaic (PV) power plant with a total installed capacity of 10 MW including an associated battery energy storage Ssation (BESS),
- a number of off-grid PV and BESS units for rural health clinics, secondary schools and food manufacturing and storage facilities and
- power grid reinforcement investments to improve security of supply, reduce technical losses and increase its renewable energy take-up capacity.
The total project cost is €85 million (US$97 million), while the proposed EIB's finance amounts to €35 million (US$40 million).
The development of solar PV energy in Gambia contributes to EU and national targets for renewable energy generation and the Bank's renewable energy and energy efficiency and climate objectives. It is consistent with the objectives of the Cotonou Agreement, and in line with the Bank's policies of supporting renewable energy development and combating climate change.
Improving energy infrastructure is consistent with the EU "Agenda for Change" policy, which identifies energy as an essential driver of economic growth. The project will contribute to reducing the existing electricity supply gap in Gambia using sustainable solar energy resources.
