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Senegal: World Bank to fund Tobene IPP

The World Bank Group signed agreements on 6 August for the 96MW Tobene independent power project in Taiba Ndiaye, 90km north-east of Dakar. These included a E93.4m ($124.5m) financing agreement arranged by the International Finance Corporation (IFC) and a $40m equivalent partial risk guarantee from the International Development Association. The project will be developed on a build, own and operate basis by Melec PowerGen, an affiliate of Lebanon’s Matelec Group, which will own at least 90% of the plant. The early stage development of the E123m plant was led by IFC InfraVentures, IFC’s infrastructure project development fund, and IFC will retain a 10% stake on completion of a proposed equity investment.

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