To drive the adoption of renewable power generation in Burkina Faso, the European Investment Bank (EIB) will invest $46.5 million in clean energy and climate adaptation projects in the country.
The renewable projects are expected to improve access to energy and protect the capital city, Ouagadougou, from flooding. Under the agreement, the EIB will provide funding for a solar power plant – which will result in the expansion of the plant’s capacity from 37 MW to 50 MW – operated by state-owned electricity company Sonabel.
While domestic electricity demand is rising by 10% annually, Burkina Faso faces a limited supply due to low interconnector capacity needed for importing power from neighboring Cote d’Ivoire.
“New investment to improve access to energy and better protect against climate change is essential for social and economic progress in Burkina Faso, the Sahel and Africa,” said H.E. Lassané Kaboré, Minister of Economy, Finance and Development. “The EIB has been a key partner for Burkina Faso for more than 50 years, providing financial support and sharing unique global technical expertise for priority investment in our country.”
Since 1970, the Bank has supported Burkina Faso’s long-term commitment to strengthening its economy and achieving sustainable development, and plans to continue doing so.
“As the European Union climate bank and a member of Team Europe, the EIB is pleased to back Sonabel’s first solar power plant that will transform renewable energy generation in Burkina Faso and to support investment to better protect thousands of people in Ouagadougou from floods,” said Ambroise Fayolle, Vice-President, EIB. “Cooperation between Burkinabé partners and AFD, the European Union and the EIB is unlocking priority investment that highlights the social, economic and public health impact of climate action in Africa.”