Energy company Genesis Energy is joining forces with the West African Development Bank (BOAD) to invest in a series of power plants in West Africa. The partnership also covers gas, a fossil fuel considered by some as a transitional energy, but also a controversial choice.
Two investors are joining forces to meet the challenge of electricity demand in West Africa. Genesis Energy, a company based in Mauritius, and the West African Development Bank (BOAD) will invest in several power plants in the member countries of the West African Economic and Monetary Union (WAEMU). In this part of the continent, Genesis aims to develop a 1 GW portfolio of solar, wind, hydro, storage and even gas power.
Although the use of gas as a transitional energy is controversial, including within the WAEMU, the BOAD wants to continue investing in gas-fired power stations, as Oumar Tembely, its Director of Energy and Natural Resources, confirmed in an interview with Afrik 21. And for Serges Ekue, Chairman of the bank based in Lomé, Togo, the energy shortage means we have to cast a wide net.
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Lack of energy limits “access to education, health, drinking water and sustainable livelihoods, and hinders the full development of individuals and communities”, explains Serges Ekue. Among the first projects to benefit from the partnership between BOAD and Genesis Energy is a 41 MW combined cycle gas power plant in Benin.
For this project, the company headed by Akinwole Omoboriowo II can count on a loan from Emerging Africa Infrastructure Fund (EAIF), a company of the Private Infrastructure Development Group (PIDG). According to Genesis, the plant, which is due to start construction in 2024, “will use state-of-the-art technology to ensure efficient and environmentally friendly power generation”. In addition to Benin, the partnership will enable projects to be identified and developed in Ivory Coast, Burkina Faso, Mali, Niger, Senegal and Guinea-Bissau.
Jean Marie Takouleu
