Cap des Biches is an 86 MW thermal generation facility developed and constructed by ContourGlobal in two phases—53 MW that began generating electricity in April 2016 after only 14 months of construction, and a second phase consisting of 33 MW that broke ground in January 2016 and will generate electricity by September 2016. The new power plant was designed to utilize the existing facilities and infrastructure of an old power plant site to lower the cost of development and construction, thereby enabling the Cap des Biches facility to produce the lowest cost thermal generation in Senegal.
The Cap des Biches power plant is designed to operate day and night and will significantly boost Senegal's economic growth. The project’s innovative ﬁnancing model brings together two leading development ﬁnance institutions: OPIC and IFC, with OPIC providing an 18-year ﬁnancing of USD 91m for Phase I, and IFC providing an 18-year cross currency swap of the same amount and tenor. OPIC and IFC intend to underwrite a similar structure for the USD41 million financing planned for Phase II.