GreenYellow, an energy management company offering turnkey services in energy efficiency and solar projects, and a subsidiary of Casino Group, has been awarded a loan by Dutch development bank FMO for its Nagréongo solar project in Burkina Faso.
Totaling to close to US$ 26M, the loan is divided into three tranches i.e. US$ 8.5M from FMO A, US$ 9.6M from FMO ICCF, and US$ 7.4M from the Energy Access Fund, FMO AEF.
Giving his remarks regarding the loan Robinson Alazraki, Africa director of GreenYellow said that the signing of this loan with FMO supports the company’s ambitions in Africa, “a strategic market in renewable energies where we continue to strengthen our presence in the IPP segment.”
The Nagréongo solar project is the second of four solar power plants that FMO is financing in the West African country.
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An overview of the Nagréongo solar project
The project in question is located approximately 30 kilometers northeast of Ouagadougou in the commune of Nagréongo.
Initiated within the framework of public-private partnerships signed with the state of Burkina Faso back in 2019, the project was launched last autumn and is scheduled to be commissioned at the end of this year.
With an installed capacity of 30 MWp and an annual production of 50 GWh, it will supply all the electricity it produces to Société Nationale d’Electricité du Burkina (SONABEL), the national electricity company of the West African country that produces, transports, and distributes electrical energy throughout the national territory.
The project will, however, be operated and maintained by GreenYellow, and it will be the largest in the company’s portfolio.
Apart from contributing to solar generation capacity and Burkina Faso’s energy sector at large, the Nagréongo solar project will help save 27,500 tons of CO2 per year or its thereabouts.
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