First Green and Sustainability-Linked Bond Issuance in Africa (GB & SLB) – 120 Billion CFA to Transform Senegal and West Africa’s Energy Sector
Financial innovation serving a critical public mission: achieving universal access to electricity and accelerating the energy transition in Senegal.
In September 2025, Senelec, the national electricity operator, and BOAD Titrisation, a subsidiary of the West African Development Bank, carried out a historic transaction: the first securitization in Africa to receive both the Green Bond (GB) and Sustainability-Linked Bond (SLB) labels.
The operation had a dual objective: mobilize sustainable financing to modernize the national electricity system and address climate challenges. It enables Senelec to accelerate strategic investments to reduce CO₂ emissions, expand equitable access to electricity, and sustainably improve living conditions for the population. The issued bonds received dual certification: Green Bonds (GB) and Sustainability-Linked Bonds (SLB). This international recognition confirms the operation’s alignment with best practices in sustainable finance, combining environmental targets with measurable social commitments.
This is a first in Africa: no other bond issuance had simultaneously obtained both labels for a transaction conducted by a public utility company.
MAIN FEATURES
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Originator: Senelec, transferring a portfolio of high-quality commercial receivables to the securitization vehicle.
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Management Company and Arranger: BOAD Titrisation, responsible for structuring, arranging, and managing the corresponding FCTC.
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Co-Lead Managers: IMPAXIS and CGF Bourse, responsible for organizing and placing the bonds with investors.
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Transaction Amount: 120 billion CFA.
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Bond Structure:
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Senior tranche: 8.15% coupon
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Mezzanine tranche: 10% coupon
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Junior tranche: 10% coupon, fully underwritten by the originator (Senelec), aligning its interests with those of investors.
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Maturity: 5 years
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Subscription Period: September 29 – November 5, 2025
