The Board of Directors at the African Development Bank Group has sanctioned a financial package worth €26.5 million aimed at facilitating the establishment of a new 62-megawatt peak solar photovoltaic power facility in Sokodé, Togo.
The funding comprises a loan of up to €18.5 million provided by the African Development Bank and an additional concessional loan of up to €8 million managed through the bank.
African Sustainable Energy Fund (ASEF)
. The French development finance institution PROPACO, dedicated to fostering private sector expansion in emerging markets, will offer further co-financing support. This initiative elevates the €61 million project to exemplify successful cooperation between public and private sectors.
This initiative is vital for meeting Togo’s objective of deploying 200 MWp of renewable energy capacity by 2030. It will facilitate the nation’s shift towards cleaner energy sources, moving away from expensive and environmentally harmful thermal power production. This move aims at bolstering national energy stability and dependability while hastening progress toward comprehensive energy accessibility by the aforementioned deadline.
The Sokodé solar initiative stands as a significant milestone showcasing Togo’s robust dedication to shifting towards renewable energy sources, aligning with both the upcoming Togo M300 energy pact and the African Development Bank’s enduring support of sustainable power ventures throughout Africa,” stated Kevin Kariuki, who serves as the Vice President for Power, Energy, Climate, and Green Growth at the African Development Bank. He emphasized that this project aids Togo in achieving greater energy accessibility via renewable means and fosters local economic development while bolstering national energy stability and dependability.
Created by the international energy firm EDF
Électricité de France,
The initiative involves designing, building, and running a new solar facility along with an 11-kilometer transmission line in Sokodé. Upon becoming fully functional, this solar plant is projected to produce around 87 gigawatt-hours of electrical power each year, providing sustainable, dependable, and cost-effective energy solutions for local areas while tackling energy shortages. Additionally, it aims to decrease yearly carbon dioxide emissions by roughly 13.6 thousand tons, thereby supporting Togo’s environmental pledges as part of the Paris Accord.
SEFA’s support for the Sokode Solar PV Project underscores the viability of renewable energy and catalyze further clean energy investments in the region.
The project also supports Togo’s M300 energy compact by driving least-cost power generation through competitive bidding and boosting private sector involvement. It aligns with the African Development Bank Group’s “Light Up and Power Africa” goal to advance sustainable, inclusive energy solutions across the continent.
Provided by SyndiGate Media Inc. (
Syndigate.info
).
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