The Senegalese electricity company Ndar Energies SA and Afreximbank signed a framework agreement on 22 February to finance the development of a 250 megawatt gas turbine power plant worth 430 million euros (282 billion CFA francs) and a gas pipeline in Saint Louis.
Concluded on the sidelines of the second summit on infrastructure financing in Africa held from 2 to 3 February in Dakar, the treaty stipulates that Afreximbank and Ndar Energies SA will finance the development, design, construction and operation of the power plant and gas pipeline.
The agreement also appoints Afreximbank as lead developer of the project and mandated lead arranger to lead the provision of project preparation services and syndication of the debt increase.
The investment will diversify power generation, improve the resilience of the system and contribute to lower electricity prices with a lower carbon footprint than existing alternatives.
It will also help to improve access to reliable and affordable energy, which is essential for the country's long-term competitiveness and sustainable economic growth.
As a reminder, by the end of 2021, Afreximbank's total assets and guarantees amounted to about US$25 billion and its shareholders' funds amounted to US$4 billion across Africa.
