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The Pan-African financial institution Africa Finance Corporation (AFC) has structured US$63 million funding for the development and operation of the 60 MW wind farm near Lake Assal, north-western of the capital Djibouti.
AFC secures investment from Great Horn Investment Holding (GHIH), Climate Fund Managers and the Dutch Development Bank (FMO). The World Bank’s Multilateral Investment Guarantee Agency (MIGA) has provided a financial guarantee.
The company has also secured a 25-year take-or-pay power purchase agreement (PPA) with Électicité de Djibouti.
The project is expected to be operational by 2021.
