Tobene IPP

active

The 96MW Tobene IPP reached financial closure in August 2014, when the loan agreement was signed. This BOO project involved the development of a greenfield heavy fuel oil (HFO) thermal power plant and auxiliary installation with an installed capacity of 87.5 MW (5x 15.5 MW MAN combustion engines) and a guaranteed capacity of 70 MW at 91% availability. The project would be located in Taiba Ndiaye, Senegal and would be connected to the existing Tobene 220/90 kV substation which is located less than 100 meters from the project site. The PPA was arranged with Senegal’s state-owned electric utility, SENELEC, which will be the sole off-taker for 20 years. Construction of the plant was planned to take place for a period of 16 to 18 months. The project company is Tobene Power SA, owned by Malec Power Gen (90%), an affiliated company of the Matelec Group of Lebanon and IFC (10%) which is to retain a 10 percent stake in the project upon completion of a proposed equity investment. Debt-to-equity ratio is 76:24 with an equity investment of US$39.52 million. The financing also included a US$124.69 million (93.4 million euro) 15 year loan arranged by IFC (International Finance Corporation US$38.04 million; Emerging Africa Infrastructure Fund US$33.38 million; FMO US$33.38 million; West African Development Bank US$19.89 million) and a $40 million equivalent IDA partial risk guarantee project agreement. The project will provide power to over one and half million residents in Senegal. http://ifcext.ifc.org/ifcext/spiwebsite1.nsf/651aeb16abd09c1f8525797d006976ba/c2b55884ab72947385257b870060ba1e?OpenDocument