Construction of a Wind Farm in Mauritania
A loan agreement for KD 35 million was singed in Manama on the 6th of April 2016, to help finance the Construction of a Wind Farm in Boulenoir in the Islamic Requblic of Mauritania.
The loan was signed by H.E. Almokhtar Ould Ajay, Minister of Finance and Economics on behalf of the Government of the Islamic Republic of Mauritania, while H.E. Mr. Abdlatif Yousef Al-Hamad, Director General / Chairman of the Board of directors of the Arab Fund, signed on behalf of the Fund.
The project aims at utilizing the favorable characteristics of the Boulenoir area, with respect to the speed and direction of wind, to generate clean, low cost, energy that Mauritania can either consume locally or export to Mali and Senegal via the existing and under construction transmission lines between the three countries as part of the Manantali project. This will be accomplished through the construction of a 100 MW wind farm in the Boulenoir area, and its connection to the national transmission network, which is connected to the Manantali network.
The project includes the following main components:
1- Wind Farm.
2- Interconnection to the Grid.
3- Consultancy Services.
The loan will carry interest at 2.5% per annum and will be repayable over 25 years with a 7 year grace period.
SOMELEC will be the beneficiary of the loan, and will be responsible for implementing the project, which is expected to be completed by the end of 2018.
With the signing of this loan, the Arab Fundís total contribution to financing projects in the Islamic Republic of Mauritania now amounts to KD 557.70 million.