FMO has sold its outstanding loans in Compagnie d’Électricité du Sénégal SA to Kebe Capital, marking the end of its involvement in coal investments and aligning with its no-coal policy established in 2015.

Target Information

Compagnie d’Électricité du Sénégal SA (CES) is a key player in the energy sector, operating the Sendou coal-fired power plant located near Bargny, in southern Dakar. The plant plays a vital role in supplying electricity to meet the growing demand in Senegal, providing reliable power to both citizens and businesses.

FMO, the Dutch development bank, initially supported CES in 2012 with a €35 million loan, later augmenting this with an additional €5 million in 2015. With the recent sale of FMO's outstanding loans to Kebe Capital, FMO has concluded its financial involvement with the Sendou project, marking the end of its last active coal investment.

Industry Overview in Senegal

Senegal's energy sector has been undergoing a significant transformation driven by governmental efforts to diversify the energy mix and increase access to electricity.