Lekela Power — a joint venture between Mainstream Renewable Power and private equity firm Actis — will use the funding from the IFC to invest in clean energy projects across Africa.
"The funding package will help Lekela meet its goal of constructing over 1.3GW of badly needed new power capacity in Africa by 2018," Mainstream said.
Part of the money will be used to build the 158MW Taiba Ndiaye project in Senegal, to which Lekela has acquired the sole investment and co-development rights.
Lekela said it expects to reach financial close on the project by the end of the year.
According to Windpower Intelligence, the research and data division of Windpower Monthly, French firm Sarreole, which signed a PPA with the state utility in 2014, was developing the project.
Asset manager American Capital Energy & Infrastructure acquired a stake in the project in June 2015.
It is Lekela's first Senegalese project, adding to its renewable energy portfolio covering Egypt, South Africa and Ghana.
Taiba Ndiaye will be Senegal's first utility-scale wind project.