- The BGFI Bank will issue an €11m guarantee for energy supplied by two solar plants in Cameroon.
- The Power from the plants will be supplied to state utility Eneo under a PPA.
- The plants have a cumulative capacity of 30.60MWp
The BGFI Bank will issue an €11 million guarantee for energy supplied by the solar power plants in Maroua and Guider. The guarantee will cover the risk of non-payment by public utility Eneo for the energy produced by Scatec and its partners, Izuba Energy and Sphinx Energy. The BGFI will issue the guarantee as a Stand-by Letter of Credit, meaning that state utility Eneo will repay the bank later at an interest rate lower than 3 per cent. The Maroua and Guider solar plants with capacities of 14.72MWp and 15.78MWp will supply energy to Cameroon’s three northern regions of Adamaoua, North and Far North.
The energy generated by the Maroua and Guider solar pr plants will be sold under a power purchase agreement (PPA) between Eneo and the special purpose company, Maroua Guider Solar Company. The Cameroonian Ministry of Water and Energy notes that both plants will help to reduce the frequency of load shedding in the northern part of the country, especially in the dry season when the energy produced by hydroelectric power plants declines. In addition, both power plants will be exempt from taxation for ten years. Eneo also has plans to deploy solar PV plants in five other localities, namely Lagdo, Garoua, Ngaoundal, Bertoua and Yokadouma.