- The European Investment Bank (EIB) today confirmed EUR 38.5 million of new financial and technical support to the solar power plant owned and operated by national electricity authority Sonabel.
- The EIB backing will help expand the capacity of the plant from 37 MW today to 50 MW.
- The EUR 70.5 million scheme will increase domestic electricity production to address the 10% annual increase in demand and reduce the need for imports.
The new clean energy and climate adaptation projects will improve access to energy in the country and address public health challenges and economic risks caused by extreme weather. The announcement was made yesterday during a virtual event by Ambroise Fayolle, European Investment Bank Vice President.
The importance of accelerating high-impact investment in Burkina Faso was also highlighted by the Minister of the Economy, Minister of Energy, Mayor of Ouagadougou, European Union Ambassador and representatives of financing partner Agence Française de Développement (AFD).
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“New investment to Improve access to energy and better protect against climate change is essential for social and economic progress in Burkina Faso, the Sahel and Africa. The European Investment Bank has been a key partner for Burkina Faso for more than 50 years providing financial support and sharing unique global technical expertise for priority investment in our country. Today’s new agreements will scale up renewable energy generation and better protect our capital city Ouagadogou from future floods and extreme weather and protect our citizens from malaria.” said M. Lassané Kaboré, Minister of the economy, finance and development of Burkino Faso.
“Citizens of Ouagadougou face the impact of a changing climate on a daily basis. Support and technical expertise from the EIB, AFD and the EU will help to better protect Ougadougou from future floods, reduce the risk to live and property and improve access to key services during heavy rains.” said Armand Roland Pierre Béouindé, Mayor of Ouagadougou.
Author: Bryan Groenendaal