Project detail - Walo Storage S.A.S.U.

Walo Storage S.A.S.U.

Status: Approved investment
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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

FMO is investing EUR 19 million, of which EUR 8 million through the Access to Energy Fund, in a total syndicated debt facilities package of EUR 31 million provided to Walo Storage SASU (“Walo Storage”), an SPV established under the laws of Senegal. The project is developed and owned by Africa REN, an existing FMO client who is an IPP in West Africa.

What is our funding objective?

This financing will enable the development, construction and operation of a 10 MW / 20 MWh battery storage facility and 16 MW solar power plant with a total project cost of around EUR 40 million. It will be located in Bokhol, Northern Senegal, near the Senergy 2 solar plant that is also owned by Africa REN and financed by FMO.

Why do we fund this investment?

Walo Storage is set to be the first battery storage project in West Africa dedicated to frequency regulation and as such FMO enhances battery storage market creation. FMO is supporting a new technology in a Least Developed Country which faces grid constraints due to limited spinning reserves (to cover short term power shortages) and the ongoing incorporation of intermittent energy. The battery will stabilize the frequency of the grid and reduce power outages. Walo Storage will also help Senegal to gear towards its 2030 Universal Access goal by producing 16MW from green energy resource. The Project is expected to avoid the emission of 17,000-21,000 tons of CO2 per year. The transaction is accompanied by an inclusion program, involving trainings for young people and construction of small solar plants for local pumping stations.

What is the Environmental and Social categorization rationale?

The transaction has been categorized as Category B+, in line with FMO environmental and social risk categorization. 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. Note that the investments of Africa REN are subject to ESIAs and inclusion of ESG risk mitigation in the management planning.

More investments

Date Total FMO financing
6/27/2023 EUR 8.00 MLN
Website customer/investment
Publication date
Effective date
Total FMO financing
EUR 11.45 MLN
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)