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May 16, 2019

Meridiam Closes its First Carbon Credits Sales for Two Solar Power plants In Senegal

Meridiam is pleased to announce the first carbon credits transaction originated from its two solar plants in Senegal, Senergy (30 MW) and Ten Merina (30 MW).

•    A tangible contribution to the United Nations Sustainable Development Goals 
•    At least 170k€ of additional financial revenues for local sustainable actions 
•    United Nations certified credits 

Meridiam is pleased to announce the first carbon credits transaction originated from its two solar plants in Senegal, Senergy (30 MW) and Ten Merina (30 MW). On it’s initial phase the deal, settled with Aera Group, covers up to 7 years’ deliveries. It shall generate an estimated € 1.7 Million over this period, among which € 600 k of firm commitments in the next 2 years. 

Both solar farms as well as those carbon credits concretely contribute to many of the 2030 United Nations Sustainable Development Goals (UN SDGs), and especially: 

-  Fighting against climate change and its impacts by regulating emissions and promoting developments in renewable energy. (SDG 13)
Senergy and Ten Merina solar plants supply with green electricity the equivalent need of more than 400,000 people in Senegal. Those solar farms contribute to the country efforts to diversify their production sources with renewables (now representing more than 20% of the Senegal Energy mix). They are a tangible solution to replace fossil fuels with clean energy. Thanks to them, 67,000 tons of CO2 emissions are avoided every year.

- Promoting sustained, inclusive and sustainable economic growth (SDG 8)
This transaction will increase the positive and sustainable impact of the projects for the local communities, as Meridiam will directly dedicate at least 10% of the total revenues (€ 170 k) to local Environment, Social and Governance (ESG) actions. These will comprise initiatives in favor of vulnerable groups (women and young), such as the micro credit initiative to help women access entrepreneurship in collaboration with empow’her, or restauration of livelihood.

-  Ensuring access to affordable, reliable, sustainable and modern energy for all (SDG 7)
These 2 solar plants are the first of its kinds in Senegal and one of the largest in West Africa. They offer tariffs being 40% lower than the initial production issued from thermal sources. Almost half of the revenues coming from the carbon credit will be distributed to the offtaker Senelec (40% for Ten Merina, and 50% for Senergy). 

 

For Thierry Deau, CEO of Merdiam: “This initiative is another example of Meridiam‘s philosophy to deliver sustainable and resilient infrastructure that improve the quality of people’s lives. It demonstrates Meridiam‘s strong commitments and dedication toward Environment, Social and Governance issues (ESG), as well as Sustainable Development Goals wherever it operates. It also underlines how Meridiam permantly strives for increasing the financial and non-financial value of its assets all along their lifetime to the benefits of communities.“ 

An operation led in partnership with the climate finance group Area – Know more about it on Twitter or on its website.
 

 

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