Togo Gets $40m Loan For 42 MWp Solar Energy Project From West African Development Bank

• A total amount of three loan propositions have actually been authorized by the Bank's Board, leading to a dispersal of $116.8 million.
• The brand-new solar project will take Togo's share of renewable resource in power mix from the current 27 percent to a substantial 40 per cent in year 2024.

Togo has received a fresh loan from the West African Development Bank for the development of a 42 MWp solar power plant in Awandjelo area of North Togo. The bank is an international Multilateral Development Bank meant for the development of Francophone and also Lusophone in West Africa.

The loan was accepted by the Board of Directors collected for the 131st common meeting in Abidjan, the capital of Ivory Coast, which has one of the greatest french speaking populations in Africa. In total amount, the board had authorized a total amount of three loan proposals that would result in the dispersal of $116.8 million. Among the loans is for the construction of the 42 MWp solar power plant at Awandjelo, Kara, Togo.

The vital goal of the Togo solar energy project is to diversify the energy mix of the country as well as decrease the electrical energy generation costs. The new solar power project will certainly raise the share of renewable energy in Togo's power mix from the here and now 27 percent to a significant 40 per cent in 2024.

The country is also anticipated to raise the electrification rate from today 59 per cent to 75 percent in 2025.

The upcoming solar power project is likewise backed by the International Finance Corporation IFC as part of the Scaling Solar programme in West Africa. Reports disclose that the solar project will be built through a public-private partnership (PPP) model.

Togo will be building another solar project-- Scaling solar programme-- that will certainly be developed at Salim. Both the IFC as well as Togo Government want to establish 2 solar power projects that will have a complete capacity of 60-- 90 MWp.

Across Africa, solar is being pressed lastly on the back of the demand for renewable energy, in addition to the reality that poor grid connectivity in the continent indicates the potential for off-grid along with on grid solar is significant. Include poor energy accessibility, as well as the situation for solar is immense.