(Bloomberg) — American Capital Ltd., a private equity firm
managing $23 billion of assets, agreed to provide about 76
million euros ($85 million) to help build the first utility-scale wind-power project in Senegal.
The equity investment will cover about one-quarter of the
305 million-euro project, according to a statement Monday. The
remainder of the funding for the 151.8-megawatt wind farm is
expected to come from loans.
Societe Nationale d’Electricite du Senegal has agreed to a
20-year contract to buy energy from the wind farm, which will be
developed over three years in three phases.
“The Senegalese Government has stated that it is committed
to shifting from diesel-based power generation to lower-cost
energy sources, such as wind power, to lower the cost of
electricity, and has taken steps to further reform its
electricity sector in a way that makes it an attractive place to
invest,” Paul Hanrahan, chief executive officer of American
Capital’s American Capital Energy & Infrastructure unit, said in
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Carlos Caminada, Will Wade