Kounoune power station

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The Kounoune power station is an oil-fired power station in Senegal. It is the first infrastructure project in Senegal carried out by private investors. [1]

Senegal republic in Western Africa

Senegal, officially the Republic of Senegal, is a country in West Africa. Senegal is bordered by Mauritania in the north, Mali to the east, Guinea to the southeast, and Guinea-Bissau to the southwest. Senegal also borders The Gambia, a country occupying a narrow sliver of land along the banks of the Gambia River, which separates Senegal's southern region of Casamance from the rest of the country. Senegal also shares a maritime border with Cape Verde. Senegal's economic and political capital is Dakar.

Contents

History

Kounoune Power SA, a Senegalese limited liability company for construction and operation of the power station was established in July 2004. The 15-year energy supply contract with Senelec was signed on 5 February 2005. [2] On 18 May 2005, the World Bank approved credits, loans and partial risk guarantees of the project. [3] The African Development Bank approved project investment on 22 June 2005, and the loan agreement was signed on 18 November 2005. On 21 July 2006, the African Development Bank and Kounoune Power SA signed security agreements of mortgage, collateral and pledges in Dakar. [2]

Senelec

Senelec is the national electricity company of Senegal.

The World Bank is an international financial institution that provides loans to countries of the world for capital projects. It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA). The World Bank is a component of the World Bank Group.

The African Development Bank Group (AfDB) or Banque Africaine de Développement (BAD) is a multilateral development finance institution. The AfDB was founded in 1964 and comprises three entities: The African Development Bank, the African Development Fund and the Nigeria Trust Fund. The AfDB's mission is to fight poverty and improve living conditions on the continent through promoting the investment of public and private capital in projects and programs that are likely to contribute to the economic and social development of the region. The AfDB is a financial provider to African governments and private companies investing in the regional member countries (RMC). While it was originally headquartered in Abidjan, Côte d'Ivoire, the bank's headquarters moved to Tunis, Tunisia, in 2003, due to the Ivorian civil war; before returning in September 2014.

Description

The power station is located at Kounoune, 23 kilometres (14 mi) east of Dakar. It is a 67.5 MW oil-fueled power station. [1]

Financing

The project cost 45 billion CFA francs (€48 .million). The African Development Bank contributed €8 million, the International Finance Corporation €17 million, PROPARCO €11 million, the West African Development Bank €4.6 million and the West African Banking Corporation €7.4 million. [2] The International Development Association (IDA)provided a partial risk guarantee of US$7.2 million, and BMCE Bank served as a commercial broker. [1] [3]

International Finance Corporation

The International Finance Corporation (IFC) is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries. The IFC is a member of the World Bank Group and is headquartered in Washington, D.C.. It was established in 1956, as the private-sector arm of the World Bank Group, to advance economic development by investing in for-profit and commercial projects for poverty reduction and promoting development. The IFC's stated aim is to create opportunities for people to escape poverty and achieve better living standards by mobilizing financial resources for private enterprise, promoting accessible and competitive markets, supporting businesses and other private-sector entities, and creating jobs and delivering necessary services to those who are poverty stricken or otherwise vulnerable.

West African Development Bank organization

The West African Development Bank - WADB is an international Multilateral Development Bank established in 1973 to serve the nations of Francophone and Lusophone West Africa. The BOAD is organised by the Central Bank of West African States and its eight member governments: Benin, Burkina-Faso, Côte d'Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo. It is funded by member states, foreign governments and international agencies. Its headquarters are in Lomé, Togo.

International Development Association international financial institution, member of the World Bank Group

The International Development Association (IDA) is an international financial institution which offers concessional loans and grants to the world's poorest developing countries. The IDA is a member of the World Bank Group and is headquartered in Washington, D.C., United States. It was established in 1960 to complement the existing International Bank for Reconstruction and Development by lending to developing countries which suffer from the lowest gross national income, from troubled creditworthiness, or from the lowest per capita income. Together, the International Development Association and International Bank for Reconstruction and Development are collectively generally known as the World Bank, as they follow the same executive leadership and operate with the same staff.

Project company

Strategic partners of Kounoune Power SA are Mitsubishi and Matelec S.A.L, a division of the Doumet group. [2]

Mitsubishi group of autonomous, Japanese multinational companies

The Mitsubishi Group is a group of autonomous Japanese multinational companies in a variety of industries.

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References

  1. 1 2 3 "Senegalese President Inaugurates Bank-funded Project" (Press release). African Development Bank Group. 2008-01-23. Retrieved 2009-02-14.
  2. 1 2 3 4 "Senegal - Kounoune Power Plant Near Completion" (Press release). African Development Bank Group. 2006-07-26. Retrieved 2009-02-14.
  3. 1 2 "Senegal: World Bank supports energy sector development in Senegal" (Press release). M2 Presswire. 2005-05-18. Retrieved 2009-02-14.[ dead link ]