• GuarantCo to guarantee $50M of Senelec’s $213M green bond for renewables
  

• Projects to add 585 MW solar, 329 MW storage; benefit 1.8M people
  

• Bond is Africa’s first green issuance by a state utility; supports Vision 2030
  

GuarantCo announced on Tuesday, November 18, that it will guarantee up to $50 million of Senelec’s new $213 million bond. It is the company’s first transaction in Senegal and will help finance nine renewable energy projects.

These projects will add 585 megawatts of solar power and 329 megawatts of battery storage. Together, they are expected to improve electricity reliability for 1.8 million people and avoid around 850,000 tons of CO₂ equivalent per year. The package also supports Sustainable Development Goals 7 and 13, which cover clean energy and climate action.

The bond is issued through FCTC Senelec 2025-2030, a securitization vehicle based in Togo, and carries both “green” and “sustainable” labels. According to public data, it is the first green bond issued by a state-owned enterprise in Africa, marking a significant shift in how public utilities on the continent access climate finance.

Senelec Director General Toby Gaye said the deal aligns with the new administration’s Vision 2030 agenda, which places energy at the heart of national sovereignty. He highlighted four priorities: universal access to electricity, rapid expansion of renewable energy, modernization of the power grid, and lower dependence on imported energy to strengthen the country’s strategic autonomy.

This transaction also fits into Senegal’s broader targets. The government aims to achieve universal electricity access by 2029 and increase the share of renewables to 40 percent of the national energy mix. To meet these goals, the authorities plan to draw more private capital into the sector by 2030, using guarantees and other tools to unlock long-term investment. Senelec, which manages generation, transmission, and distribution, remains central to this strategy.

Abdoullah Diop