Mainstream’s Lekela Power, the Pan-African renewable energy generation platform delivering utility scale wind and solar power in Africa, continues to build on its growth strategy with the announcement of the acquisition of co-development rights and sole rights to invest in the 158 MW Taiba Ndiaye Wind Project in Senegal.
In September 2016, The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution committed $250 million in financing and $70 million in reinsurance to Parc Eolien Taiba N’Diaye.
The project is expected to increase Senegal’s available installed power capacity by 24 percent. Senegal suffers from a chronic deficit in electricity supply with regular power rationing and blackouts that adversely affect living conditions and economic development. The cost of electricity in Senegal is high because nearly 90 percent of the electricity is currently generated using costly oil-based fossil fuel. This project is a critical component of Senegal’s power generation and sustainable energy growth plan, and supports the goals of the U.S. Government’s Power Africa initiative.