The $55m Scatec Segou solar project will be be located in Segou, 240 km from Bamako.
IFC, a member of the World Bank Group, will invest $12.5m for its own account and mobilise additional loans of up to €15.2m.
Upon completion, the project will be the largest solar grid-connected power plant in West Africa.
Scatec Solar will own 50% of the power plant and IFC InfraVentures will hold 32.5%, while Africa Power 1 will hold 17.5%.
Scatec Solar will build the plant and provide operation and maintenance services after it is connected to the grid.
The ground-mounted photovoltaic solar plant will feature about 130,000 modules that generate 60,000 megawatts hour of energy. It will connect to an existing transmission line.
The project will help to reduce the supply shortage and increase private sector participation in the power sector.
Scatec Solar CEO Raymond Carlsen said: "This project is another great milestone for Scatec Solar. After several years of development efforts in the region, we can now move forward with the first utility-scale solar IPP in West Africa. The Malian Authorities have demonstrated decisive will to tackle the nagging issue of power supply."
Image: Scatec Solar to build first large scale solar power plant in West Africa. Photo: courtesy of Scatec Solar.
