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

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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 “.

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