The West African Development Bank, an international Multilateral Development Bank established to serve the nations of Francophone and Lusophone West Africa, has approved a loan for the construction of a 42MWp Awandjelo solar power plant in Northern Togo.
The Board of Directors of the West African Development Bank (BOAD) recently gathered in person for its 131st ordinary meeting in Abidjan, Côte d’Ivoire under the chairmanship of Serge Ekue, Chairman of the Board and President of BOAD.
During this meeting, the Board further approved three loan proposals involving XOF73 billion (~$116.8m), one of which included the construction of a 42MWp solar PV power plant at Awandjélo in the Kara area in Togo.
The Togo solar project’s overall objective is to contribute to the diversification of the energy mix and the reduction of energy generation costs, as well as to improve the living conditions of the populations in the beneficiary municipalities.
The project, which will be funded by a loan of XOF25 billion (~$39.9m), will target an increased installed capacity of 42MWp by 2024, increasing the share of renewable energy in the energy mix from 27% in 2021 to 40% in 2024 and improving the electrification rate from 59% in 2021 to 75% in 2025 in the country.
Backed by the International Finance Corporation (IFC), the project is also part of the Scaling Solar programme in the West Africa region and will be implemented under a public-private partnership. As part of the Scaling sSlar programme, another solar power plant will be constructed at Salimde, a town in the Tchaoudjo prefecture in the country’s centre as the IFC and the government of Togo agreed to construct two solar power plants with a total capacity of 60 to 90MWp.
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The Board also approved a loan proposal for the amount of XOF28 billion (~$44.8m) for the development and asphalting of the Aleheride-Kpaza-Tchamberi road in Togo. The project seeks to open up the area in order to facilitate economic, social and cultural exchanges at national and sub-regional levels. It will target reduction in travel time by 66% and vehicle operating costs by over 60%, as well as reduction in road insecurity.
Lastly, the Board approved a XOF20 billion (~31.9m) loan for the establishment and operation of a brewery complex and a can manufacturing line by Coca-Cola Donga Bottling Company SA in the industrial estate of Sèmè-Podji in Benin. The purpose of the project, from the peak year onwards, is to produce several thousands of hectoliters of fizzy drinks and mineral water and hundreds of millions of cans.
These new loans bring BOAD’s total commitments (all operations combined) to XOF6,918.8 billion (~11.1bn) since the commencement of its operations in 1976.