Tag: Senegal

FONSIS, Meridiam and ENGIE to commission two 60 MW photovoltaic power plants

Frank

SENEGAL – Sovereign Strategic Investment Fund (FONSIS), Meridiam and ENGIE have announced the commissioning of two photovoltaic power plants in Senegal with a total production capacity of 60 MW. Kahone Solaire SA (35MW) and Kaél Solaire SA (25MW) are located respectively in the regions of Kaolack and Diourbel, in the centre of the country. These plants are part of the Scaling Solar initiative in Senegal, jointly led by the Senegalese authorities and the International Finance Corporation (IFC), which aims to promote investment in solar energy. These are the first electricity…

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Foodtech company Mburu secures US$450,000 from WIC Capital and WE! Fund

Frank

SENEGAL – Mburu, a Senegalese foodtech brand active in the production and marketing of breads, pastries and pastries has secured no less than 243 million FCFA (US$450,000) funding, made up of a mix of capital and quasi-capital from WIC Capital and WE! Fund. Investment in Mburu is the fourth made by WIC Capital and involved the support of the General Delegation for Rapid Entrepreneurship of Women and Youth. The participation of WE! Fund amounts to 120 million FCFA. “I am delighted with this funding by WIC Capital and WE! Fund,…

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Senegal’s Karpowership secures US$60m from Mauritius Commercial Bank

Frank

SENEGAL – The Mauritius Commercial Bank Ltd, MCB, is facilitating Senegal’s endeavour to improve its national electrification rate through its US$60 million participation in the syndicated project finance facility of US$140 million to Karpowership. MCB was not only a co-mandated lead arranger but provided the highest loan commitment. The project finance facility is enabling Karpowership to operate its 235 MW Powership alongside the shores of Dakar since August 2019. The Powership is contributing to around 15% of Senegal’s electricity supply. According to Africa Energy Outlook 2019, Senegal’s electrification rate was…

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Tunisian ed-tech startup GoMyCode launches in its eighth international market

Frank

SENEGAL – GoMyCode, a Tunisian ed-tech startup, has opened a new hackerspace in Dakar, Senegal, its eighth international market. The startup recently opened its doors in Paris (France) and also has presence in Algiers (Algeria), Casablanca (Morocco), Cairo (Egypt), Manama (Bahrain), Lagos (Nigeria) and Abidjan (Ivory Coast) Launched in 2017 by Yahya and Amine Bouhlel, GoMyCode wants to be the school of the 21st century providing training in web development, web development, video game development, Artificial Intelligence, Data science, UX Design, or even Business Intelligence intended for everyone despite thier…

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Proparco set to offer loans to VSEs and SMEs in Senegal through BICIS

Frank

SENEGAL – Proparco, a Development Finance Institution partly owned by the French Development Agency (AFD), has granted a new portfolio guarantee to BICIS, for Very Small Enterprises (VSEs) and Small and Medium-sized Enterprises (SMEs) in Senegal. BICIS will offer loans that are 80% guaranteed by AFD Group the VSEs and SMEs. BICIS is the third financial institution to deploy this exceptional guarantee in Senegal. Since the beginning of their collaboration in 2005, Proparco and BICIS have gradually strengthened their partnership to support a growing number of MSMEs. This relationship makes BICIS one…

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Senegal secures US$138m from EIB to improve supply of drinking water

Frank

SENEGAL – The European Investment Bank (EIB) is set to provide US$138.39 million (€114.5 million) in financial support to improve the drinking water supply and promote integrate solid waste management in Senegal. The support will strengthen the country’s resilience to the ongoing COVID-19 pandemic and other future pandemics as climate change exacerbates the urgency of the situation. By focusing on secondary cities, the Bank is supporting Senegal’s efforts to achieve balanced development across the country, reducing geographical disparities to ensure greater regional equity. Sustainable cities are an absolute necessity given…

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Mastercard Foundation invests US$10m in IP2E to support education sector

Frank

WEST AFRICA – The Mastercard Foundation has partnered with Investisseurs & Partenaires (I&P) to invest US$10.5 million in its I&P Education to Employment (IP2E) Fund to support businesses in the education sector to recover from the impact of COVID-19. The 3-year investment program will accelerate 30 education entrepreneurs (edupreneurs) in Côte d’Ivoire, Ghana, and Senegal by addressing key challenges related to access, quality, and relevance faced within the sector. The education start-ups and SMEs will be selected based on their capacity to offer quality education and training, while promoting employability…

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General Electric to supply gas power generation equipment for power project in Senegal

Frank

SENEGAL – General Electric (GE), has secured an order to supply gas power generation equipment for West Africa Energy’s 300 megawatt (MW) combined-cycle power project in Cap des Biches, Dakar, Senegal. Upon completion, the Cap des Biches plant will be the biggest power plant in the country and is expected to generate nearly 25% of the power consumed, providing the equivalent electricity needed to power up to 500,000 Senegalese homes. The plant is expected to begin operations in phases starting in 2022, enhancing universal access to electricity and supporting the…

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Senegal signs agreement with Climate Fund Managers to develop solar-plus-storage power plant

Frank

SENEGAL – The government of Senegal through Senegalese firm Energy Resources Senegal (ERS) SA has signed an agreement with Climate Fund Managers (CFM) to jointly develop a solar-plus-storage power plant in Niakhar, an arrondissement of the Fatick Department in the Fatick Region of Senegal. The solar plant will have a capacity of 30 MWp. The plant will also be equipped with a battery system capable of storing between 15 MWh and 45 MWh of electricity. This combination is set to become the West Africa Country’s first-ever hybrid solar power plant…

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Australia’s FAR acquires stake in Sangomar field and Offshore from ONGC Videsh

Frank

SENEGAL – ONGC Videsh (OVL) has signed definitive binding agreements with Australia’s FAR for acquiring 13% per cent participating interest in exploitation area of Sangomar field and 15 per cent participating interest in remaining contract area of Rufisque, Sangomar Offshore and Sangomar Deep Offshore (RSSD) Block in Senegalese offshore. The acquisition involves an upfront consideration of US$45 million with customary adjustments including the opening working capital as of January 2020 and the cash calls paid or to be paid from January 2020 onwards until completion (excluding any default interest paid…

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