Senegalese power company Ndar Energies has teamed up with the African Export-Import Bank to develop a 250 MW combined cycle gas turbine power plant and gas pipeline in Saint-Louis, Senegal. Afreximbank director and global head of client relations Rene Awambeng has signed a framework agreement with Ndar Energies chairman Baidy Agne.

In addition, the bank was appointed as lead project developer and appointed lead arranger to lead project preparation services and syndicated financing. Kanayo Awani, Executive Vice President, Intra-African Trade Bank, Afreximbank said, Afreximbank is once again proud to support the ambitions of homegrown entrepreneurs to develop landmark trade infrastructure projects that will boost industrialization and export development activities in our member countries. I am particularly pleased with the key role played by the Senegalese government in creating an environment that enables local entrepreneurs to invest in key sectors of the economy.

Afreximbank will support generation diversification, increase system resilience and contribute to lower electricity prices with a low carbon footprint. Wholly owned by indigenous Senegalese entrepreneurs, the project supports the diversification of Senegal's energy matrix and increases access to reliable and affordable electricity. It is said to have strong climate finance credentials and complements the bank's strategy to support the deployment of energy transition solutions across Africa.

Baidy Agne, Chairman of Ndar Energies, said: "Today is an extraordinary day for Ndar Energies SA as we celebrate the signing of the agreement, which demonstrates Afreximbank's commitment to the project.

We are building and structuring a transformational project with large-scale adoption of modern technology that combines high reliability, low cost and carbon efficiency. Afreximbank's support will help strengthen Ndar Energies' capabilities and bring the project to market quickly. The project represents an important part of the country's national electricity plan, which envisions Senegal being positioned as an energy hub in West Africa.Editor/XingWentao