Chad: EAIF, Proparco and AfDB participate in solar project funding
InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), has announced the participation of its sister PIDG company, the Emerging Africa Infrastructure Fund (EAIF) alongside the African Development Bank (AfDB) and Proparco as senior lenders to the 34MW Djermaya Solar project in Chad (also including a 4MWh battery system).
AfDB previously announced its support for the project, having approved €18 million senior debt facilities and a partial risk guarantee in 2019. AfDB, Proparco and EAIF signed a loan agreement with Djermaya Solar on 26 November 2021, with the finance institutions respectively committing €18 million, €9.3 million and €9.3 million of senior debt to the project.
Located 30km north of the country’s capital, N’Djamena, the Djermaya Solar project has been developed by InfraCo Africa, through Anergi Africa Developments Ltd (AADL), with its partner Smart Energies. Denham Capital recently entered the project as long-term investors through Neo Themis.
Fatou Gaye, InfraCo Africa’s business development manager for the project said, “InfraCo Africa is delighted to welcome The African Development Bank, Proparco and our sister PIDG company EAIF as lenders to the Djermaya Solar project. We are also pleased to be working with Denham Capital and the Neo Themis team to progress the project through to construction and operations in the coming months.”
Doruk Karabulut, director at Themis stated, “Themis is proud to become the strategic investor in Djermaya Solar and excited to reach financial signing of the project with the lenders. We recognise and commend the efforts done by InfraCo Africa, AADL and Smart Energies for the development of the project and would like to thank the African Development Bank, Proparco and EAIF for their strong support to achieve this significant milestone. The Djermaya Solar project is the first of its kind in Chad and demonstrate Themis’ continued commitment to pioneering renewable projects in Africa. We look forward to reaching financial close in the coming months and starting the construction of the project.”
Paromita Chatterjee, an investment director at EAIF said, “The Djermaya project is particularly significant because it is pioneering renewable energy and battery storage in Chad. Its key strategic function is to help Chad unlock the country’s economic potential and to fly the flag for more green energy projects in the country.”
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