Where it started
The challenge
The site was good and the sponsor was committed, but the project sat between three agencies with no agreed order for approvals, and each was waiting on the others. Eighteen months had passed with little progress.
The draft power purchase agreement also left grid availability and curtailment risk with the developer. Two lenders had already said they could not take that risk as written.
What we did
Our approach
- Sequence the approvalsWe set out every permit in order, agreed a joint timetable with the three agencies and ran the applications as a single programme, with one point of contact on each side.
- Rebalance the power purchase termsWe worked with the utility on deemed energy and grid availability provisions, so that each risk sat with the party best placed to manage it.
- Prepare for lendersWe built the information memorandum and financial model, ran the data room and managed three rounds of due diligence through to credit approval.
Where it ended
The outcome
Every permit was in place within nine months. The amended power purchase agreement was signed, and three development finance lenders committed to the senior debt. Construction began the following dry season.
- 40 MWsolar, with 20 MWh of storage
- 14 monthsfrom mandate to financial close
- 3development finance lenders
They knew which permit would hold us up before we did, and they had a plan for it.
Chief executive, independent power producer
Mandate leadAwa NdiayePartner, Energy and power, Dakar
Contact Awa
