Scatec Solar and its partners signed in May 2019 an amendment to the Segou project concession agreement with the Government of the ECOWAS country. The signing took place in the presence of Mali’s Prime Minister and Minister of Energy, as well as the Norwegian Prime Minister. The project has been awarded economic support from The Norwegian Agency for Development Corporation, both related to project development and for grid infrastructure investments that will be transferred and operated by the national utility, EDM, after the project is completed.
International Finance Corporation (IFC) and African Development Bank (AfDB) will provide non-recourse project finance for the project. The financing includes a concessional loan from the Climate Investment Funds under the Scaling Up Renewable Energy Program of approximately USD 20 million.
The project signed a Power Purchase Agreement (PPA) with Electricité du Mali (EDM), the national utility in July 2015. Scatec Solar will build, own and operate the solar power plant with a 51% shareholding. IFC Infraventures and Africa Power will hold the remaining part of the equity. Scatec Solar will also be the Engineering, Procurement and Construction (EPC) provider and will provide Operation & Maintenance as well as Asset Management services to the power plant.
The solar plant will be supplying about 5% of Mali’s electricity, helping economic growth and development in the country. Annual production from the 33 MW solar power plant is expected to be approximately 57 GWh and the clean energy produced by the plant will contribute to avoid 33,000 tonnes of CO2 annually.
Source: Scatec Solar
