SENERGY 2 S.A.S
Status: Approved investmentWhy disclosure?
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In case of questions
In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Senergy 2 S.A.S. is a company incorporated in Senegal. It is wholly owned by Greemwish Africa REN CFA S.A.S., also incorporated in Senegal. The project is developed and is managed by Greenwish Partners, a solar project developer based in Paris.
What is our funding objective?
A 20MWp solar power plant was constructed and commissioned in December 2016. It was financed by equity and a bridge loan. FMO refinances the bridge loan with a long term loan and finances an expansion from 20MWp to 24,35 MWp. The expansion is planned to be commissioned in June 2018.
Why do we fund this investment?
It is a renewable energy project (100% green) located in one of the Least Developed Countries in Africa. Consequently it is completely in FMO's focus. FMO acts as arranger of the loan, BIO is paralel lender to FMO.
What is the Environmental and Social categorization rationale?
FMO’s environmental and social assessment indicates that this transaction can be categorized as a Category B project, in line with FMO’s environmental and social risk categorization. The scale and associated E&S risks with the operations of the project are limited in nature, few in number, site specific and easily mitigated with the appropriate approach and tools. Construction risks are expected to be limited considering activities will be within the existing project footprint and the use of an internationally recognized EPC contractor. Impacts will be managed in a manner consistent with the following IFC Performance Standards: PS1: Assessment and Management of Environmental and Social Risks and Impacts; PS2: Labor and Working Conditions; PS3: Resource Efficiency and Pollution Prevention; PS4: Community Health, Safety and Security; PS5: Land Acquisition and Involuntary Resettlement; and PS6: Biodiversity Conservation and Sustainable Management of Living Natural Resources. PS 7 is not considered applicable because no impacts on local groups qualifying as Indigenous as per the IFC Performance Standards were identified. PS8 is also not applicable as no cultural heritage features were identified at site. A Chance Find Procedure must however be developed and implemented at site. Any gaps have been addressed through a comprehensive Environmental and Social Action Plan, agreed to by the Borrower.
- Region
- Africa
- Country
- Senegal
- Sector
- Energy
- Effective date
- 11/13/2017
- Total FMO financing
- EUR 15.07 MLN
- Funding
- FMO NV
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B