De Gaulle Fleurance advises lenders on financing for large scale solar project

Currently powered mainly by thermal energy and hydroelectricity, Gabon is taking a decisive step towards diversifying its energy mix with this historic project. With a capacity of 30 MW of solar energy and an 8 MWh battery storage system in its first phase, the project will help strengthen the country's energy self-sufficiency and is fully in line with the Vision Gabon 2030 strategy.

AFRIGREEN, a leading investment fund dedicated to sustainable energy infrastructure in Africa, and BGFIBank, a major regional bank based in Gabon, have signed a loan agreement with SOLEN SA, a Gabonese electricity producer owned by the Equitane Group (Dubai).

The loan, structured in CFA francs and euros, will finance the construction of phase I of the Plaine Ayémé solar power plant, located approximately 30 km from Libreville.

SOLEN SA has signed a 25-year power purchase agreement (PPA) with the Gabonese government for the development, construction, and operation of a 60 MW solar photovoltaic (PV) power plant, combined with a 30 MWh battery energy storage system (BESS), to be developed in two phases. The first phase, supported by this financing, covers a solar capacity of 30 MW and a storage capacity of 8 MWh (BESS).

The project will harness Gabon’s strong solar potential by providing clean, reliable, and competitive electricity to the national grid. It will also help reduce pressure on Libreville’s electricity grid, which is facing growing demand.

In line with the ambitions of the Vision 2030 strategy, the project represents a major step forward in the country’s energy transition. The Gabonese Electricity and Water Company (SEEG) is leading this initiative alongside independent producers such as SOLEN SA.

Sylvie Perrin, Partner, and Racha Wylde, Senior Counsel, at De Gaulle Fleurance, advised the lenders on this financing.

Perrin commented: “This transaction illustrates the boom in sustainable energy infrastructure projects in Central Africa. We are proud to have supported the lenders in this historic transaction, which makes a concrete contribution to Gabon’s energy transition.”

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