IFC and Scatec to develop PV projects in Africa12. June 2012 | Applications & Installations, Industry & Suppliers | By: Becky Beetz
IFC InfraVentures, a member of the World Bank Group, and Norway’s Scatec Solar have signed an agreement, under which they intend to develop photovoltaic projects in parts of West and Central Africa.
The two parties have said they will develop, design, finance, construct and operate both off- and on-grid photovoltaic plants, in such locations as in Benin, Burkina Faso, Cameroon, Niger, and Togo. They add that the plants will be at least 10 megawatts (MW) each in size, unless they are off-grid, in which case they could be smaller.
According to information provided by IFC and Scatec, "The total development and construction cost of a 10 MW plant will be in the range 25-30 million Euro." In terms of financing, the two parties say African investors will be invited to participate as equity investors. Furthermore, depending on availability, funding will be available in the form of long-term loans from national and international funds.
They add, "[The agreement] duration will depend on market size and number of projects to be developed. However, typically IFC invests in specific projects for a limited period helping private sector investment in the sector."
They declined to divulge any further details.
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