Senegal: Barak-backed power project delivers first electricity
Barak Fund Management and its public sector partners in the Sendou Project in Senegal – the Government of Senegal and Senelec, the state power company – announced that the first power from this national power asset has been delivered.
The generation of first power from Sendou will help transform the energy market in Senegal and is an important step in moving the country away from its current reliance on expensive fuel oil power.
Sendou is now the lowest-cost provider of baseload power in Senegal, producing electricity significantly cheaper than the current heavy fuel oil-powered generators in the country.
Barak became a shareholder in Sendou in 2019, when it perfected its security against a loan to one of the shareholders in Sendou.
“Sendou is a critical national asset for Senegal. It shows that by bringing the right mix of skills, capital investment and project management together, we can deliver high value projects that benefit our country and our economy,” said Barak CEO, Jean Craven.
“Barak began life as a trade finance fund, but has turned around Sendou after taking over the collateral and stepping in as a shareholder. We have shown that we have the knowledge, perspective and endurance to realise value from even the toughest projects. Against the prevailing market consensus, Barak got an operator on board and turned the project around. We are delighted that the people of Senegal and the investors in the country will see the benefits of affordable baseload power.”
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