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projectFP105

BOAD climate finance facility to scale up solar energy investments in Francophone West Africa LDCs

4834955
TONNES of CO2 Anticipated tonnes of CO2 equivalent avoided

Impact

Mitigation
GCF results area
  • Energy generation and access
UN Sustainable Development Goals
  • #1 No poverty
  • #5 Gender equality
  • #7 Affordable and clean energy
  • #8 Decent work and economic growth
  • #10 Reduced inequalities
  • #11 Sustainable cities and communities
  • #12 Responsible consumption and production
  • #13 Climate action
  • #17 Partnerships for the goals

Location & People

Region
  • Africa
Countries
  • Benin BEN
  • Burkina Faso BFA
  • Guinea-Bissau GNB
  • Mali MLI
  • Niger NER
  • Togo TGO

Investment Data

  • Financing:
    • Public
    • Public / Private
    • Private
  • Project size:
    • Micro
    • Small
    • Medium
    • Large
  • E&S Risk category:
    • Category I1
    • Category I2
    • Category I3
Total project investment
GCF Financing
  • Instrument Loan USD
  • Instrument Grant USD
Co-Financing
  • Banque Ouest Africaine de Développement Loan USD
  • Banque Ouest Africaine de Développement Grant USD

Project owners

Accredited Entity Executing Entity
  • Banque Ouest Africaine de Développement
BOAD climate finance facility to scale up solar energy investments in Francophone West Africa LDCs Approved February 2019 Est. implementation period 7.0 years
The programme targets six Least Developed Countries in West Africa, characterised by one of the lowest access rates to modern energy services in the world, high cost of electricity, overreliance on fossil fuels and subsequent energy security challenges. Based on Nationally Determined Contributions (NDCs) and country energy plans, the target countries plan to reach 1,192 MW of installed solar capacity by 2030. However, a significant mobilisation of the private sector at scale would be required to bridge this gap. The programme will help the selected countries to achieve their NDCs and address the barriers to solar investments. It will do this by using a blended finance approach to provide affordable long-term funding to solar projects and by providing tenor extension loans that will help de-risk projects, and crowd-in commercial and public banks in scaling up solar investments in the region. The programme is expected to quadruple the existing solar capacity by providing 215 MW solar energy access to 2.9 million people. It will also provide grant funding to build the capacity of local project developers to structure investments, particularly in terms of project preparation and management. In addition, technical assistance will be provided to build the capacity of BOAD in integrating climate change considerations into project cycle. Finally, the programme will enhance the regulatory framework by building capacity of public institutions in the energy sector.

The programme has an estimated lifespan of 20 years.
Type
Document title
Published date
Gender assessment FP105_BOAD_Multiple Countries 03 May 2019
Gender action plan FP105_BOAD_Multiple Countries 03 May 2019
ESS report FP105 - BOAD - Benin, Burkina Faso, Guinea-Bissau, Mali, Niger, Togo 01 Feb 2019
Approved funding proposal FP105 - BOAD - Multiple Countries 21 Mar 2019
Accredited Entity
  • Banque Ouest Africaine de Développement (BOAD) Mr. Almamy Mbengue Tel: +228 22 232 524 Ms. Fatoumata Toure ep. Sangare
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