AFC has led the development of the project since 2017, developing it from concept to bankability, securing a 25-year take or pay power purchase agreement with Électicité de Djibouti as the off-taker, an implementation agreement and with the Government of Djibouti backed by a Government Guarantee. The Project also has MIGA guarantee cover. The wind project is expected to begin commercial operations in 2021.

Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, announces a US$63 million strategic investment to construct and operate a 60MW wind project in the Ghoubet area, near Lake Assal in Djibouti.

AFC’s US$63 million investment in the construction and operation of a 60MW wind project in the Ghoubet area, near Lake Assal in Djibouti. This is Djibouti’s first renewable energy project, and we are proud to be the lead developer in collaboration with Great Horn Investment Holdings (“GHIH”), Climate Fund Managers (“CFM”), and FMO, the Dutch entrepreneurial development bank.