Finance

Africa 50 and partners grant $90.3mln loan for the Malicounda energy project in Senegal

Friday, 05 March 2021 14:07
Africa 50 and partners grant $90.3mln loan for the Malicounda energy project in Senegal

(Ecofin Agency) - Africa 50, an investment vehicle dedicated to infrastructure projects in Africa, and Togolese financier Oragroup announced the disbursement of $90.3 million in the form of a bridge loan to support the Malicounda power plant in Senegal. The terms and conditions of this loan were not disclosed.

The loan facility was structured and arranged by Oragroup. The holding company, which is present in 12 countries in Central and West Africa, mobilized these resources from a group of banks in the WAEMU.

The construction of the Malicounda power plant, which began in October 2019, has been financed out of equity capital since its launch by its main shareholders. These include Africa 50, the national electricity company Senelec and the energy producer Melec PowerGen (MPG). The plant's output will be resold to Senelec to improve energy supply across the country.

Given the energy deficit, investment in this sector will benefit businesses and individuals and generate attractive returns for investors who inject funds in the development of this energy infrastructure.

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