MONTREAL, June 26, 2014 /PRNewswire/ --Windiga Energy, a Canadian-based independent renewable energy power producer, and the Government of Burkina Faso, as represented by Lamoussa Salif KABORE, Minister of Mines and Energy and Lucien Marie Noël BEMBAMBA, Minister of Economy and Finance, have signed an investment support agreement thereby enabling Windiga to become the first independent solar energy producer in the country. Siemens Energy Smart Generation Solutions has been selected to build and operate the pioneering 20-megawatt photovoltaic ("PV") plant, which will be located in Zina, in the Mouhoun province. The facility is scheduled to be completed at the end of 2015 and will be the largest photovoltaic power station in Sub-Saharan Africa.
The PV power plant is a project that would include, among its potential financiers, the African Development Bank (AfDB), the Frontier Markets Fund Managers and the Emerging Africa Infrastructure Fund.
The Signature of the agreement will permit to finalize a power purchase agreement (PPA) with the National Electricity Company of Burkina (SONABEL) for the purchase of entire electricity production of the facility for 25 years.
The Honourable Edward Fast, Canada's Minister of International Trade who was in Burkina Faso as part of a trade mission to Africa congratulated Windiga for the signing of the historic agreement stating, "This US$50 million project will help to meet the country's electricity needs."
"We are very pleased with the support that we received from both the Governments of Burkina Faso and Canada allowing us to conclude this strategic agreement that will bring about the construction of a major renewable energy project and the launch of the solar energy industry in Burkina Faso," said Benoit La Salle, President and Chief Executive Officer, Windiga Energy. "This power plant will also contribute to the economic development of the region, employing about 150 Burkinabé workers during the construction phase."
"The strong support and commitment of our employees, our African colleagues and our legal advisors, McCarthy Tétrault LLP, were key to the success of this historic agreement," stated Mr. La Salle.
About Windiga Energy
Founded in 2010, Windiga Energy Inc. is Canadian-based independent energy producer focused mainly on developing renewable energy facilities in Sub-Sarahan Africa. The Company is co-owned by private investors as well as Dundee Energy Limited (TSX: DEN), an investment company in the energy sector that creates long-term value through the development and acquisition of energy projects. Windiga Energy's founding partners have over 25 years of experience in the development and realization of major mining, construction and infrastructure projects in Africa.
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