Ten Merina PV plant

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The financing will be used for the 30 MW Ten Merina PV plant in Senegal, Thies region, East of Dakar. The project company created for the execution of the project is Ten Merina Ndakhar SA. Ten Merina PV plant will be developed by Meridiam in association with French construction companies Eiffage and Solairedirect, a subsidiary of Engie. This is a greenfield project initiated on a merchant basis, as PPA has not been signed so far. The facility will be capable of generating enough electricity to cover the annual consumption of about 200,000 inhabitants. The total cost of the project is estimated at $46.26 million (EUR 43 million). Debt to equity ratio is 80:20. Proparco, the private investment arm of Agence Francaise de Developpement provided debt financing to the Ten Merina PV plant. It has teamed up with BIO, a Belgian state-owned development finance institution, to provide an 18-year loan of $37.12 million (€34.5 million) towards the project. Financial close was achieved on December, 7 2016. https://ijglobal.com/data/transaction/37121/ten-merina-solar-pv-plant-30mw