The International Finance Corporation (IFC) and Togo’s government will develop 90MW of solar power plants in the West African country. The related agreement was recently signed in the presence of President Faure Gnassingbé and Sérgio Pimenta, Vice President of IFC, who is currently in Togo.
The deal falls under the World Bank’s Scaling Solar program which provides a set of services including technical assistance, insurance and guarantee instruments, fund mobilization, etc. This program aims at rapidly (within two years at most) building big plants at a low cost. It recorded a rapid success in Zambia, before being expanded to Ethiopia, Madagascar and Senegal where it is currently underway.
“We have talked of how IFC could support the development of Togo’s private sector. We are already active in the country with a portfolio estimated at $325 million. We will open an office in Lomé to be closer to local businesses,” Pimenta declared.
Being an old partner to Togo, IFC is “very” present in the power sector. It took part in the development of the ContourGlobal plant and the elaboration of the national electrification strategy in June 2018. This program aims at electrifying the whole country by 2030, raising the share of clean power in its energy mix by 50%.
Source: Togo First