Gigawatt Global’s 7.5 MW solar plant in Burundi is to become the first grid-connected project supported by the Renewable Energy Performance Platform (REPP) to begin full construction. The project is also the first grid-connected solar development by an independent power producer (IPP) in Burundi.
Full construction works on the plant in Mubuga, in Gitega Province, is set to begin imminently after Notice to Proceed was issued earlier.
REPP has been supporting the project with development capital since December 2016, and has now committed to provide a construction bridge loan. The balance of the funding will be provided by a matching construction bridge loan and equity investment from Evolution II Fund, managed by Inspired Evolution Investment Management, and further equity funding by the project developer and co-sponsor, Gigawatt Global Coöperatief.
Upon or after the project’s commercial operations date, part of REPP’s construction bridge loan will be refinanced as a 10-year subordinated loan.
