Guinea Bissau secures $45M loan from BOAD to build 22MW PV power plants
(Ecofin Agency) - The West African Development Bank (BOAD) has granted Guinea Bissau a CFA25 billion (about $45 million) loan to boost its power production capacity. The funds will serve to build a 20MW PV solar power plant in the capital city, Bissau.
Moreover, two mini-PV plants of 1MW each will be constructed in Gabu and Canchungo with part of the financing, a statement released by the bank indicates.
“The project’s development will allow around 500,000 people to have access to electricity and reduce greenhouse gases emissions by 24,100 tons,” said the minister of energy, in this regards.
Let’s recall that in March, this year, the BOAD had already provided the country $24 million to connect 350,000 people to the national power grid, through the latter’s expansion. Guinea Bissau has an electrification rate of about 22%.