Qair receives approval for €6m concessional financing package for Africa

Source: www.gulfoilandgas.com 9/27/2024, Location: Not categorized

Independent renewable energy company Qair announces the approval by the African Development Bank Group’s Sustainable Energy Fund for Africa (SEFA) of a €6 million concessional financing package, for the completion of a 18 MW solar power plant in Dédougou, Burkina Faso.

This financing by SEFA, a special multi-donor fund managed by the Bank, supports the bank’s Desert-to-Power initiative, which seeks to generate 10 gigawatts of solar energy across 11 countries in the Sahel by 2030, fostering socio-economic progress.

For this project, which is expected to contribute to the country’s energy security and diversification of the energy mix, all the while reducing electricity costs, is secured by a 25-year Power Purchase Agreement (PPA) with the Société Nationale d’électricité du Burkina Faso (SONABEL).

“The Dédougou Solar PV project increases Burkina Faso’s renewable energy generation capacity in line with the objectives of the Desert-to-Power Initiative. By backing projects like this, we are making tangible strides toward electrifying the Sahel, bolstering energy security, and improving the lives of millions” said Dr. Daniel SCHROTH, Director of the Renewable Energy and Energy Efficiency Department at the African Development Bank.

“We are pleased with this approval by SEFA and thank the AfDB for their support of the project. This allows us to move forward with our commitment to supporting Burkina Faso’s energy goals by developing a second solar plant, just a year after the successful commissioning of Zano. This achievement aligns with the country’s ambitions for energy supply and reinforces Qair’s vision of becoming a leading player in Africa’s renewable energy sector in the coming years” said Abdoulaye Toure, CFO at Qair Africa.





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