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GreenYellow has secured a €21 million loan from Dutch development bank FMO.
- The funds will be used to develop the 30MW Nagréongo solar power plant.
- The project is expected to be completed by the end of the year.
French renewable energy company GreenYellow has secured a €21 million loan from Dutch development bank FMO for the development of its solar power plant in Nagréongo, Burkina Faso. The funds will be provided in three tranches of €7.9 million, €7 million, and €6.1 million from FMO’s Fund for Access to Energy.
The Nagréongo power plant is situated about 30km northeast of Ouagadougou and scheduled for commissioning at the end of the year. The plant will have an installed capacity of 30 MW, generating 50 GWh and reducing emissions CO2 by 27,500 tons yearly. This project is the second of four solar power plants that FMO is providing finance for in the West African country.
The project is being developed under a public-private partnership framework with the government of Burkina Faso following an agreement in 2019. GreenYello will sell the power produced from the plant to State utility Sonabel. GreenYellow will fully construct, operate and maintain the plant, which will be the largest in its portfolio.
Burkina Faso is looking to expand its solar generation capacity in recent years. Several projects are currently in development, including the 30 MW Pâ solar plant being developed by Urbasolar and two solar plants totalling 30 MW being developed by Engie.