Dakar — IFC, a member of the World Bank Group, and the Overseas Private Investment Corporation today signed financing agreements for the 53 megawatt Cap des Biches power plant with project developer ContourGlobal, the Government of Senegal, and Senegal's national electricity utility to help address growing demand for electricity in the country.
Under an innovative financing model, IFC is providing a cross currency swap while OPIC will lend up to $91 million to the project. Cap des Biches is a modern, heavy fuel, oil fired thermal power plant that guarantees high efficiency levels and lower cost of power thanks to its combined cycle technology.
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