The European Investment Bank says a new €10 million ($10.5 million) loan will offer electricity access to almost 650,000 people in Benin.
Pending final closing, the Electrification Financing Initiative has announced it is considering private equity investments of €1.5 million to two French firms operating in Benin, Togo, Burkina Faso and Senegal, and $1.5 million to a Tanzanian business operating in Tanzania and Uganda.
The French company and its partners will build the PV project in Illoulofin, near the city of Pobè.
The Economic Community of West African States should prioritize the development of solar PV to meet surging energy demand over the next 30 years, according to a newly published study.
Benin has obtained a $21.1 million loan from the investment and development bank of the Economic Community of West African States and Burundi will benefit from a $160 million World Bank donation, $100 million of which will be dedicated to solar energy.
The exemption will be applied to the import of materials, equipment and installation accessories for the deployment of PV and solar thermal systems. The new measure is aimed at increasing access to electricity through more off-grid projects.
The 25 MW project is being financially supported by the European Union and the AFD with €60 million.
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