EAIF lends EUR29 million for the development of 30 MW solar PV project in Ouagadougou

The Emerging Africa Infrastructure Fund (EAIF), a member of the Private Infrastructure Development Group (PIDG) is lending the Urbasolar SAS, 80% of the capital needed for the construction of the 30 MW solar photovoltaic project located some 250 km southeast of the nation’s capital city of Ouagadougou, near the town of Pâ, in Burkina Faso.

EAIF is the sole lender to the project, providing EUR29 million (US$34.19 million) of the estimated EUR35.4 million (US$41.74 million) development cost. The project is expected to reach financial close by the second quarter of the year.

The project will supply all the electricity it produces to Burkina Faso’s national power utility, La Société National D’électricité Du Burkina Faso (SONABEL).

Urbasolar was selected as the developer following a competitive tender process run by SONABEL. Urbasolar will build and operate the plant and construction is forecast to be completed within 18 months. 

Urbasolar is providing 20% of the project’s capital. It is the majority shareholder in the Pâ facility. A minority stake is held by Project Production Solaire (PPS), founded as a specialist renewable energy and energy efficiency business in 2010 by a group of Burkinabé engineers, and operates in Burkina Faso.