Like much of Sub-Saharan Africa, Senegal suffers from severe electricity shortages. More than one-third of the population lacks regular access to electricity and expensive, unreliable electricity constrains business activity and economic growth.
Solution and Impact
Financing and political risk insurance supported ContourGlobal’s construction of the 86 MW Cap des Biches thermal power plant outside of Dakar, increasing the country’s energy supply. The combined-cycle plant was designed to run on heavy fuel oil or natural gas, when supply is available, and was built on the site of an existing diesel power plant in order to achieve cost efficiencies. Under the terms of the project, the country’s state-owned utility Senelec, entered a power purchase agreement with ContourGlobal.