The Occitan company, a subsidiary of the investment funds RGreen Invest and DIF Capital Partners, obtains a new credit of 6 million euros to realize the Dédougou photovoltaic project in Burkina Faso. The envelope is granted by the African Development Bank (AfDB) in the form of a concessional loan of 2.5 million euros and a repayable grant of 3.5 million euros.
October 2, 2024 Marie Beyer
Image : Pymouss, CC BY-SA 3.0 , via Wikimedia Commons
The Occitan renewable energy company Qair (formerly Quadran) is not giving up in Burkina Faso. Four years behind the initial schedule, its 18 MW Dédougou photovoltaic power plant project has just obtained a new funding envelope to see the light of day.
Qair, a subsidiary of the investment funds RGreen Invest and DIF Capital Partners, has just announced new financing of 6 million euros from the African Development Bank (AfDB) – which acts via its Sustainable Energy Fund in Africa (SEFA). The envelope is granted in the form of a concessional loan (i.e. at a rate below the market) of 2.5 million euros and a repayable donation of 3.5 million euros.
The Dédougou project is covered by a 25-year power purchase agreement (PPA) with the National Electricity Company of Burkina Faso (SONABEL). It benefited from initial concessional financing from the SEFA Covid-19 IPP Relief Program to overcome “cost increases linked to the Covid-19 pandemic” which had prevented it from achieving financial closure, as ‘indicates the ADB in a press release. These funds then allowed him to restructure the financial arrangements entered into. “The involvement of SEFA was decisive in unlocking additional financing from the Dutch entrepreneurial development bank FMO,” specifies the financial institution.
The new funds will be paid to Dédougou Solaire SARL, the project company developed jointly by Qair and Syscom Network, a Burkinabe company initially operating in the telecoms and network infrastructure sector.
The Dédougou solar project includes the design, construction and operation of the Souri solar power plant and is part of the Desert-to-Power initiative which aims to develop 10 GW of solar and storage capacity in the Sahel. This ambitious project is progressing very slowly due to the political changes that have taken place in the countries concerned and the worrying security situation in the region.
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