The Overseas Private Investment Corporation (OPIC) and Lekela Power have signed an agreement for the development, construction and operation of a 158MW wind farm in Taiba N’Diaye, Senegal.

OPIC has committed $250m in financing and $70M in reinsurance to Parc Eolien Taiba N’Diaye.

OPIC president and CEO Elizabeth Littlefield said: “This is a transformative project for many reasons, principally for the new and clean energy it will supply to Senegal.

“OPIC partnering with Lekela illustrates the opportunity for renewable resources to make a significant contribution to total energy needs. OPIC is proud to support the Taiba wind project and its role in advancing Senegal’s economic prosperity.”

Lekela CEO Chris Antonopoulos said: “Energy is critical to the African continent and its continued growth. Lekela is uniquely positioned as a long term investor to provide clean, secure, reliable and competitive renewable energy in Senegal and across Africa.”

The project is expected to boost Senegal’s available power capacity by 24%.