EXIM Bank Extends $40 M to Togo to Power 350 Villages with Solar PV

Highlights :

  • EXIM Bank, on behalf GoI, has extended a Line of Credit (LOC) of $40 million to the Government of Togo for the electrification of 350 villages in Togo through solar PV systems.
  • According to the IRENA, Togo had just 3 MW of solar generation capacity at the end of 2020.
  • EXIM Bank now has 274 LoCs, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around $26.98 billion, available for financing exports from India.

Export-Import Bank of India has, on behalf of the Government of India, extended a Line of Credit (LOC) of USD 40 million to the Government of Togo for the purpose of the electrification of 350 villages in Togo through solar photovoltaic systems. India has been on a major outreach among developing countries ever since it became a founding member of the International Solar Alliance, along with France.

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The LOC Agreement to this effect was signed by Mr. Sani YAYA, Minister of Economy and Finance, Government of Togo and Mr. G. Selva Kumar, Resident Representative, Exim Bank’s Abidjan Representative Office, in the presence of Ms. Mila AZIABLÉ, Minister of Mines and Energy, Government of Togo, and Mr. Praveen Chandra Kala, Charge d’Áffaires, Indian Embassy in Togo, in Lomé on June 23, 2021.

According to the International Renewable Energy Agency, Togo had just 3 MW of solar generation capacity at the end of 2020. However, under the National Development Plan (NDP), its government is aiming for universal access to electricity this decade and for half of its power to come from clean energy sources.

With the signing of the current LOC Agreement for USD 40 million, Exim Bank, till date, has extended five Lines of Credit to the Government of Togo, on behalf of the Government of India, taking the total value of LOCs extended to USD 150.10 million. The LOCs extended to the Government of Togo covers projects in sectors including rural electrification, farming, transmission lines and solar energy.

Exim Bank now has 274 Lines of Credit in place, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 26.98 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank’s LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

This month, the President of Togo, Faure Essozimna Gnassingbé, inaugurated a 50 MWp Solar Power Plant in the West African country. The Sheikh Mohamed Bin Zayed Solar Power Plant Project is being developed by AMEA Power, Dubai and designed, installed, commissioned, and executed by Jakson Group from India. The West African Development Bank and Abu Dhabi Fund for Development (ADFD) provided concessional loans for the project.

Earlier this month, Exim Bank of India had also extended a $100 million line of credit to Sri Lanka .

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Soumya Duggal

Soumya is a master's degree holder in English, with a passion for writing. It's an interest she has directed towards environmental writing recently, with a special emphasis on the progress being made in renewable energy.

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