FMO signs off on debt deal for Burkinabe solar project

Dutch development bank FMO has signed off on its commitment to a syndicated debt investment in the Nagréongo solar power plant in Burkina Faso’s Oubritenga province. The development finance institution is providing €7.2 million to the project, part of a €21.8 million package of financing being loaned to the project, the construction of which began late last year.

The project is being financed via an SPV, Société de Production d’Energie Solaire de Ouagadougou or SPESO, which is being sponsored by Green Yellow the renewable energy development unit of France’s Casino Group. Once installed, the 70,000 installed solar panels and their associated infrastructure will be capable of generating 50GWh of electricity every year which will be sold to Burkina Faso’s national utility under an off-take agreement.

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