First RECP Finance Catalyst project to increase Burundi’s installed electricity capacity by 14%
One of the first projects advised under the Finance Catalyst service of the Africa-EU Renewable Energy Cooperation Programme (RECP) celebrated its groundbreaking ceremony in Burundi on Wednesday, 18 January. The 7.5 MW solar PV plant in Mubuga, about 100 km from Burundi’s capital Bujumbura is the $14 million pioneering project of Gigawatt Global, an American-owned Dutch developer and founding member of the White House Power Africa initiative.
The PV plant is the largest private international investment in Burundi’s power sector in nearly 30 years and its interconnection in the first quarter of 2017 will lead to an increased installed electricity capacity by 14%. In 2018, the plant is expected to generate 13 GWh and to abate 6,000 tons of CO2. The power generated by the PV plant will be sold to the national electricity company REGIDESO.
The project is one out of 11 successful applicants to the RECP’s Finance Catalyst service. Since its inception in 2016, the Finance Catalyst team has provided advisory support for project development, -structuring and accessing finance to small- and medium-scale renewable energy projects in sub-Saharan Africa. Burundi’s new PV plant proves to be the first success of the Finance Catalyst service and demonstrates the value of international cooperation in the energy development sector. The project has been supported by a grant from the Energy and Environment Partnership (a Finland, UK, Austrian fund) and the Belgian Investment Company for Developing countries (BIO). In addition to the RECP’s support, it has received project due diligence services from the Renewable Energy Performance Platform (REPP).
For more information about Gigawatt Global’s PV plant, please click here. To learn more about the RECP Finance Catalyst service, please visit the dedicated website.