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Aksa Energy has signed a €57 million financing agreement for its 255 MW natural gas combined- cycle power plant, currently under construction in Senegal. The 10-year loan agreement, signed with Germany-based Helaba Bank and backed by the Swiss Export Risk Insurance (SERV), Switzerland's official export credit agency, will make a strategic contribution to the geographical diversification of the Company's international funding sources.
Having established itself as a global energy company with operations across 15 power plants in 8 countries and an installed capacity exceeding 3,500 MW, Aksa Energy continues to support its investments in Africa through strong international financing partnerships. The Company signed a €57 million loan agreement with Germany-based Helaba Bank to finance the construction of its 255 MW natural gas combined-cycle power plant in Senegal. The financing is guaranteed by SERV, Switzerland's official export credit agency, and has been structured with a 10-year maturity.
Under the project, which is financed, constructed, and will be operated by Aksa Energy, the electricity generated by the Senegal Natural Gas Combined-Cycle Power Plant will be supplied to the national grid under a 25-year euro-denominated power purchase agreement (PPA).
Featuring high-efficiency generation technology, the project will contribute to strengthening Senegal's energy supply security, meeting the country's growing electricity demand, and reducing its dependence on imported fuels. The investment is also expected to support local employment, strengthen the local supply chain, and contribute to the development of technical capabilities in the country.
Strong Financing Supports Aksa Energy's Growth in Africa
Aksa Energy currently operates five power plants with a total installed capacity of 725 MW across Africa. In addition to Senegal, the Company continues to develop new power plant investments in Gabon and Burkina Faso. Aksa Energy's growth strategy across the continent is supported by strong partnerships with international financial institutions. Through its latest financing secured in cooperation with Helaba Bank and SERV, the Company continues to diversify the geographical composition of the funding sources supporting its African investments.
