The African Export-Import Bank (Afreximbank) has signed a Framework Agreement with Senegalese power firm Ndar Energies for the development of a 250 MW gas-to-power facility.
The project, set to be located in Saint Louis in Senegal, will comprise a combined cycle gas turbine power plant and pipeline. Afreximbank and Ndar Energies will co-finance the development, design, construction and operation of the project. Afreximbank will participate in the project as Lead Project Developer and Mandated Lead Arranger – thereby taking charge of preparatory services and syndicating debt raise.
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“Afreximbank is once again proud to support the ambition of indigenous entrepreneurs to develop landmark trade-enabling infrastructure projects that will boost industrialization and export development activities in our member countries,” stated Kanayo Awani, Executive Vice President, Intra-African Trade Bank at Afreximbank.
Baidy Agne, Chairman of Ndar Energies added that, “We are building and structuring a transformational project that embraces modern technology at scale that combines high reliability, low cost and carbon efficiency. Afreximbank’s support will help strengthen Ndar Energies’ capabilities and rapidly bring this project to the market.”
The project will improve baseload power generation in Senegal, reducing the reliance on diesel and improving access to reliable and affordable electricity.