Africa REN has received funding from the Dutch Development Bank FMO and the Infrastructure Fund for Emerging Africa (EAIF) for the pioneering Walo storage project in West Africa. Both partners act through Ninety One, the EAIF fund manager

Africa REN, one of the main developers of renewable energy projects in West Africa, announces the successful financing of its Walo Storage project in Senegal. The Dutch development bank FMO and EAIF will invest a total of 32 million euros in syndicated debt in Walo Storage, a project developed entirely by Africa REN, with the support of the Seed Capital Assistance Facility

FMO, through an 11 million euro loan, and an additional 8 million euro loan provided by the Energy Access Fund, one of the funds FMO manages on behalf of the Dutch government with the aim of creating sustainable access to energy in developing countries.

An 11 million euro loan granted by EAIF, a company in the Private Infrastructure Development Group (“PIDG”), and $1.5 million in funding (euro equivalent) granted by PIDG technical assistance to bridge the sustainability gap.

The project will comply with SFI performance standards and ensure the effective management of environmental and social risks and impacts, the efficient use of resources, and the prevention of pollution, among others.