Quick Facts

Where the impacts of the investment may be experienced.
  • Senegal
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • Netherlands Development Finance Company (FMO)
Status: Active
Bank Risk Rating: B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2017-05-11
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: EDS EXIMAG S.A
The holder of the loan, grant, or other investment.
The service or industry focus of the investment. A project can have several sectors.
  • Energy
Investment Amount (USD): $ 1.99 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.

Currency conversion note:
Bank reported EUR 1.66 MLN
Converted using 2017-12-25 exchange rate.

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Primary Source

Original disclosure @ FMO website
Updated in EWS: 2017-12-25

Project Description
WHO IS OUR CLIENT EDS EXIMAG S.A is a special purpose vehicle incorporated in Senegal to develop and construct and maintain a solar power plant in the northern part of the country. The company is set up as a cooperation of an USA based renewable energy project developer in partnership with and experienced French EPC contractor with a local subsidiary in Senegal. FUNDING OBJECTIVE Funding objective is to develop, construct and operate a 20MW ground mounted PV solar power plant located in the Louga region in SENEGAL that will sell electricity to the national off taker SENELEC under a 25 years Power Purchase Agreement. WHY WE FUND THIS PROJECT The country of Senegal is in need of additional power and incentivizes small and medium sized renewable power plants to be constructed. The financing fits well with FMO's objective to finance 100% renewable energy in a low middle-income country, which has a substantial gap in energy generation capacity. The long tenor of the instrument provided by FMO allows achieving bankability for this project, as it is not readily available in the market.
Investment Description
Contact Information
South Africa +27 11 507 2500 joburg-office@fmo.nl
Bank Documents