(Ecofin Agency) - West African Development Bank (BOAD) has just mobilized  €77 million (more than CFA50 billion) for the construction of Kita photovoltaic plant. The funding has been co-arranged by BOAD, Emerging Africa Infrastructure Fund and Mali’s national bank for agricultural development.

The regional bank disbursed CFA13.1 billion in equity and will soon raise the first tranche ,which consists of CFA11 billion, from other investors.

This transaction falls in line with the 2015-2019 Environment-Climate strategy aiming to promote environment, social and climate friendly projects.

The plant with a 50 MW capacity will be constructed by the French company Akuo Energy under the Build-Own-Operate and Transfer (BOOT) contract.

Gwladys Johnson Akinocho