Friday, June 25, 2021

The Mauritius Commercial Bank Ltd (MCB) provides USD 60m funding to fuel Senegal’s national electrification and LNG-use ambitions

The Powership will soon shift from the use of heavy fuel oil to gas.This fuel switch-over will generate material reduction in Senegal’s fuel bill with positive spill-over effect on electricity costs in line with the Plan Sénégal Emergent.Being the first power generation plant fueled by gas, the Powership is laying the foundation stone of Senegal’s plan to diversify its energy mix. Moreover the use of gas will enable Senegal to cut its carbon emission in furtherance of SDG n°13 on Climate Change.Senegal ambitions to shift primarily to natural gas for its power production by 2035, thereby reducing further the national grid’s emissions factor.

The Powership’s fuel transition is being facilitated by a Floating Storage and Regasification Unit (“FSRU”).Following successful sea trials, the FSRU has departed Singapore and is expected in Senegal in the coming weeks.The FSRU is a KARMOL’s enterprise -KARMOL is a joint venture between Karpowership and Mitsui O.S.K. Lines, Ltd.

Commenting on the Powership’s syndicated project finance facility and on MCB’s strong involvement in the project, Zaahir Sulliman, Head of Specialised Finance, MCB, said: “We are proud to be contributing towards Senegal’s universal electrification goal and its transition from reliance on heavy fuel oil to LNG for its electricity production. This commitment is in line with Success Beyond Numbers, the Group’s corporate sustainability strategy, which aims at aligning business development, socioeconomic progress and profitability with the notion of sustainability over time”.

Mr. Sulliman also stressed out: “MCB is aware of its responsibility in the face of the climatic emergency and committed by 2022, to stop financing new coal power-plants and discontinue the trade financing of both thermal and metallurgical coal. Financing Karpowership in Senegal is a first step in the right direction and we are looking forward to increase our participation in projects that foster energy production whilst promoting both climatic and environment friendliness in an endeavor to increase living standards”.

Distributed by APO Group on behalf of The Mauritius Commercial Bank Ltd (MCB).

About Mauritius Commercial Bank: With its 182-year history,The Mauritius Commercial Bank Ltd (MCB)has evolved to an integrated bank and financial services institution, which offers tailored and innovative solutions to a diversified client base, ranging from retail to corporate and institutions. MCB’s rich history, commitment to customer service and excellence, innovative culture and high quality employees have underpinned its solid franchise and long track record of sustainable profitability and financial soundness. MCB has also established a physical presence in 10 countries overseas, via its subsidiaries in Madagascar, Seychelles and Maldives, its representative offices in Johannesburg, Nairobi, Paris and Dubai, as well as its associates, Société Générale Moçambique and Banque Française Commerciale Océan Indien (BFCOI – operating in Réunion Island, Mayotte and Paris).

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