Africa Ren, a Prominent Renewable Energy Firm in West Africa, has Secured Financing for its Pioneering Walo Storage Project in the Region
Summary
An 11m loan from EAIF, a Private Infrastructure Development Group (PIDG) company, and a $1.5m (equivalent in EUR) of a Viability Gap Funding (VGF) extended by PIDG Technical Assistance.The successful development of the Walo Storage project marks a significant milestone as it becomes the pioneering battery storage project in West Africa solely focused on frequency regulation. This initiative aligns with Senegals 2030 Universal Access goal and contributes to the production of 16MW of clean energy, thereby reducing annual CO2 emissions by an estimated range of 17,000 to 21,000 tons.This investment reinforces Africa RENs dedication to making a positive impact on the communities it serves. As part of the Walo Storage project, Africa REN has implemented an inclusive program that includes training opportunities for young individuals and the installation of small solar plants to power local pumping stations.Moreover, the project will adhere to the IFC Performance Standards, guaranteeing the proper management of environmental and social risks and impacts. At Africa REN, we believe that sustainable energy solutions are key to unlocking potential and driving growth in Sub-Saharan Africa, and we are excited about the opportunities that this groundbreaking project will bring to the communities we serve.Huib-Jan de Ruijter, Co-Chief Investment Officer at FMO, said: With the financing of the Walo Storage project, FMO contributes to a more stable and sustainable energy supply in Senegal. We are delighted to back Africa REN and support the first project-financed solar + battery storage project in Senegal, using our experience and expertise in the country.