In May 2023, OeEB signed a mezzanine loan agreement for EUR 1.5 million with Voltares Development GmbH under the African-Austrian SME Investment Facility (AAIF) provided by the Federal Ministry of Finance. Voltares will realize projects in the area of electrification and productive use of energy. That means PV and battery storage systems in amount of 3.1 MW are to be implemented in Senegal as a part of a joint venture.

Project name Voltares Development GmbH 
Region Sub-Saharan Africa 
Sector Energy generation and supply   
Service Equity participations 
Project Country Senegal
OeEB project volume EUR 1.5 million 
International climate finance according to UNFCCC Yes
Additionality Financial additionality 
Projekt partner(s) Voltares Development GmbH 

Senegal's economic development is negatively coined by electricity shortages. Above all, businesses are often not connected to the electricity grid and thus are dependent on diesel generations with the associated high electricity prices. 

The Austrian company Voltares Development GmbH aims to provide energy to businesses that do not have access to energy. In addition, Voltares will provide cheaper and reliable electricity to those which are already connected to the grid. Thus, the project contributes to the expansion of renewable energy solutions and generates a positive social and economic impact through the provision of energy. In total, photovoltaic projects with a capacity of around 3.1 MW are to be built.

The business model is based on a lease-to-own and IPP (Independent Power Producer) model to make renewable energy affordable for customers. On the one hand, commercial and industrial customers (especially with a focus on agriculture) and on the other hand, municipalities are addressed. The PV systems are mounted on roofs and/or on the ground, depending on the possibilities.