Kael Solar PV Plant

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The project involves the financing, design, construction, commissioning, operation and maintenance of a 25 MW Kael solar power plant located in Diourbel region of Senegal. The project, also known as Toube PV Solar Plant, was announced together with the Kahone Solar plant. Both projects are developed under World Bank Group's Scaling Solar program. Engie and Meridiam were the preferred bidders for both projects having entered the lowest bids of $0.039831/kWh. The generated electricity will be sold to the national utility Société Nationale d'Électricité du Sénégal (Senelec) under 25-year take-or-pay Power Purchase Agreement (PPA). The SPV is called Kael Solaire SA and owned as follows: owned 40% by Engie Global Developments BV, 26.3% by Meridiam Infrastructure Africa Fund FIPS, 13.7% by Meridiam Infrastructure Africa Parallel Fund FIPS and 20% by Senegalese Sovereign Wealth Fund for Strategic Investments (FONSIS). The project cost is EUR 22 million or $ 24.7 million. The debt package for Kahone plant is as follows: IFC providing EUR 7 million or $ 7.9 million (A loan - €3.5 million, Finland-IFC Blended Finance for Climate Programme - €3.5 million); Proparco providing EUR 6.5 million or $ 7.3 million and EIB providing EUR 6 million or $ 6.7 million. In addition, MIGA issued guarantees of up to EUR 6.9 million or $ 7.6 million covering equity and shareholder loan investments for both Kahone and Kael projects by Engie Global Developments BV, Meridiam Infrastructure Africa Fund FIPS and Meridiam Infrastructure Africa Parallel Fund FIPS. Financial close was reached on 18 July 2019, while commercial close was achieved on 13 November 2018. https://ifcextapps.ifc.org/IFCExt/Pressroom/IFCPressRoom.nsf/0/F132145C7A245A8B8525843B005B5225 https://disclosures.ifc.org/#/projectDetail/SII/38959 https://disclosures.ifc.org/#/projectDetail/ESRS/38959 http://www.meridiam.com/en/news/article/meridiam-achieves-financial-close-for-two-solar-projects-in-senegal https://www.miga.org/project/scaling-solar-senegal https://www.scalingsolar.org/scaling-solar-senegal-reaches-commercial-close/ https://ijglobal.com/articles/141775/kahone-and-toube-solar-pv-senegal