Mauritius Commercial Bank Ltd (MCB) provides funding of USD 60 million to fuel national ambitions for electrification and use of LNG in Senegal



Mauritius Commercial Bank Ltd (MCB) provides funding of USD 60 million to fuel national ambitions for electrification and use of LNG in Senegal

MCB (www.MCB.mu) is facilitating Senegal‘s efforts to improve its national electrification rate through its USD 60 million participation in the USD 140 million syndicated project finance facility at Karpowership. MCB was not only a co-appointed lead arranger, but provided the highest loan commitment. The Project Finance Facility allows Karpowership to operate its 235 MW Powership along the shores of Dakar since August 2019.

The Powership contributes around 15% of Senegal’s electricity supply. According to Africa Energy Outlook 2019, Senegal’s electrification rate was 69% in 2018, with a rate of 92% in urban areas and only 42% in rural areas. According to the government Plan Senegal Emergent, a national roadmap adopted in 2014, the State aims to increase its electrification rate to 100% by 2025, while focusing on reducing electricity production costs by reducing its dependence on imported liquid fuels and increasing access to electricity. electricity in rural areas. Providing electricity to places outside urban areas is directly in line with Sustainable Development Goal (“SDG”) # 7 of the United Nations Charter on Sustainable Development.

The Powership will soon switch from using heavy fuel oil to gas. This change of fuel will lead to a substantial reduction in Senegal’s energy bill with a positive ripple effect on electricity costs in line with the Emerging Senegal Plan. The first gas-fired power station, the Powership lays the foundation stone for the Senegalese plan to diversify its energy mix. In addition, the use of gas will allow Senegal to reduce its carbon emissions in pursuit of SDG 13 on climate change. Senegal aims to switch mainly to natural gas for its electricity production by 2035, thus further reducing the emissions factor of the national grid.

The Powership’s energy transition is facilitated by a floating storage and regasification unit (“FSRU”). After successful sea trials, the FSRU left Singapore and is expected to travel to Senegal in the coming weeks. FSRU is a company of KARMOL – KARMOL is a joint venture between Karpowership and Mitsui OSK Lines, Ltd.

Commenting on the Powership’s syndicated project funding facility and MCB’s strong involvement in the project, Zaahir Sulliman, Head of Specialized Funding, MCB, said: “We are proud to contribute to Senegal’s goal of universal electrification and to its transition from dependence on heavy fuel oil. to LNG for its electricity production. This commitment is part of Success beyond the numbers, the Group’s sustainable development strategy, which aims to align commercial development, socio-economic progress and profitability with the notion of sustainability over time ”.

Mr Sulliman also underlined: “The MCB is aware of its responsibility in the face of the climate emergency and has committed by 2022, to stop funding new coal-fired power plants and to halt the financing of the coal trade so long. thermal than metallurgical. Funding for Karpowership in Senegal is a first step in the right direction and we look forward to increasing our participation in projects that promote energy production while promoting climate and environmental friendliness in an effort to increase standard of living “.

Short Link: https://wp.me/pcj2iU-3z6o


NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng

Victor Campenaerts warming up for the Giro d’Italia time trial on Zwift Abuja residents count losses as FCDA demolishes illegal structures Rugby Africa Sevens Solidarity Camp: All matches will be broadcast live on Saturday and Sunday on Rugby Africa’s Facebook page and Rugby Africa’s YouTube channel Adimula Commissions PTI Skill Development Academy Coronavirus – Rwanda: COVID-19 update (May 6, 2021) JUSUN, PASAN strike to end soon – FG Coronavirus – Eswatini: COVID-19 daily update (May 6, 2021) Jagun emerges new president of computer professionals council Coronavirus – Eritrea: Ministry of Health announcement (May 6, 2021) Lagos to connect 100 schools to internet in May – Sanwo-Olu #EndSARS: Insurance companies pay N4bn claims – NIA NCDC confirms 28 new COVID-19 infections in Nigeria Coronavirus – Daily update on the status of COVID-19 statistics in Zambia (May 6, 2021) Manchester United cruise into Europa League final, Arsenal slump Mining Indaba expands advisory board for 2022 Kogi Gov., Bello commiserates with Pastor Adeboye over son’s demise Angolan Petroleum Agency to host question and answer sessions for next application cycle FG inaugurates committees on National Policy on welding Coronavirus – Kenya: COVID-19 update (May 6, 2021) Leadership Centre, UNDP train 5000 civilian JTF in Yobe, Adamawa Coronavirus – Ethiopia: COVID-19 cases reported in Ethiopia (May 6, 2021) Player fined about N2.5m, banned for slapping opponent FROM THE FIELD: Ugandan conflict survivor helps communities find ‘ways forward’ Former LRA leader, former child soldier, sentenced to 25 years in prison Coronavirus – Eritrea: Ministry of Health announcement (May 5, 2021) Day of the Midwife: Invest in midwives to save more lives — UNFPA Liquid Telecom unveils new identity, Liquid Intelligent Technologies in Botswana as it establishes itself as the digital services partner of choice for African businesses Buhari salutes ex-NSC DG Al-Hassan Yakmut at 60 Chelsea whip Real Madrid to reach Champions League final Video press release: Weekly press briefing on the coronavirus epidemic Enugu State inaugurates board for universal health coverage Video Press Release: WHO Africa COVID-19 Online Briefing Singer Paul Okoye hits 1m subscribers on YouTube, receives gold plaque Coronavirus – Ethiopia: COVID-19 cases reported in Ethiopia (May 5, 2021) Coker resumes as NTDC boss WAPA reiterates commitment to vulnerable women in Lagos Coronavirus – Daily update on the status of COVID-19 statistics in Zambia (May 5, 2021) EU moots military training mission to Mozambique – Official Vaccine shortage increases risk of COVID-19 resurgence NECO releases 2020 SSCE results Rugby Africa Mulligrubbers #AfricaAsOne with the launch of the men’s seven-a-side solidarity camp China ready to discuss COVID-19 vaccine patents within WTO Energy Capital & Power, Equatorial Guinea partner for an investor report, a documentary and an American event Insecurity: Lawyers back creation of state police Niger: the new government should investigate the massacres Popular OAP Lolo 1 and her children survive car accident Burna Boy’s ‘Ye’ certified Gold in the U. S. Airport flyover rehabilitation begins, FG awards contract WHO publishes recommendation on maximum salt levels in foods Lagos places 4,000 unemployed graduates on N40,000 monthly salary