OPIC and Lekela Power Sign Commitment for 158 Megawatt Wind Farm in Senegal
September 21, 2016
New York, N.Y. – The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, and Lekela Power today signed a commitment, while on the side-lines of the U.S. – African Business Forum in New York City, for the development, construction and operation of a 158 megawatt wind farm in Taiba N’Diaye, Senegal. OPIC committed $250 million in financing and $70 million in reinsurance to Parc Eolien Taiba N’Diaye.
“This is a transformative project for many reasons, principally for the new and clean energy it will supply to Senegal. OPIC partnering with Lekela illustrates the opportunity for renewable resources to make a significant contribution to total energy needs. OPIC is proud to support the Taiba wind project and its role in advancing Senegal’s economic prosperity” said OPIC President and CEO Elizabeth L. Littlefield.
“Energy is critical to the African continent and its continued growth. Lekela is uniquely positioned as a long term investor to provide clean, secure, reliable and competitive renewable energy in Senegal and across Africa” said Lekela CEO Chris Antonopoulos.
The project is expected to increase Senegal’s available installed power capacity by 24 percent. Senegal suffers from a chronic deficit in electricity supply with regular power rationing and blackouts that adversely affect living conditions and economic development. The cost of electricity in Senegal is high because nearly 90 percent of the electricity is currently generated using costly oil-based fossil fuel. This project is a critical component of Senegal’s power generation and sustainable energy growth plan, and supports the goals of the U.S. Government’s Power Africa initiative.
# # #
OPIC is the US Government’s development finance institution. It mobilizes private capital to help address critical development challenges and in doing so, advances US foreign policy and national security priorities. Because OPIC works with the US private sector, it helps US businesses gain footholds in emerging markets, catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, political risk insurance, and support for private equity investment funds, when commercial funding cannot be obtained elsewhere. Established as an agency of the US Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers.
All OPIC projects adhere to high environmental and social standards and respect human rights, including worker's rights. By mandating high standards, OPIC aims to raise industry and regional standards of the countries where it funds projects. OPIC services are available for new and expanding business enterprises in more than 160 countries worldwide.
About Lekela Power
Lekela Power is a pan-African renewable energy generation platform delivering utility scale wind and solar power into commercial operation in Africa. Lekela delivers clean, reliable, cost effective energy to consumers such as government utilities and large scale industrial consumers.
Lekela is committed to upholding the very highest environmental, social and business integrity standards and ensuring it leaves a positive legacy in the communities it invests in. Its current portfolio in construction and development is in excess of 1.3 GW with projects in Egypt, Ghana, South Africa and now Senegal.
Lekela is a joint venture between Actis, a leading investor in growth markets (USD 6.3bn funds under management) and global renewable energy developer Mainstream Renewable Power (over 10,000 MW in development, construction and operations).