Project Reference Profiles – Senegal(SN05) National Finance Vehicle in Senegal: The Renewable and Energy Efficiency Fund

At a Glance

Strategic Outcomes SO1 Reduced GHG emission, SO2 Creation of green jobs
Start Date Q1  May 1 2019
End Date q1 Dec 20 2019
Funding Source Core
Actual Budget (USD) 34,663
Budget Percentage 88%
Actual Expenditure (USD) 30,391
Status Active
GGGI Share (USD) 34663
Poverty and Gender Policy Markers poverty, gender
Name of Client (Lead/Prime implementer if GGGI is part of a consortium)
Participating Organization (Funding/donor) Ministry of Economy and Finance, Ministry of energy and petroleum
Name of consortium members, if any
Thematic Area
  • Cross Cutting
GGGI Project Code :
Project Manager and Staff +

Project context, objectives and description

The project will support the setting up and operationalization of the Renewable and Energy Efficiency Fund that will provide equity and subordinated debt to RE and EE project to attract additional financial from local banks and financial institutions. 

The overall objective is to contribute to the development of the RE and EE sector in Senegal through increased access to finance and capacity building of key stakeholders. This project is aligned with IO2. Increased green growth investment flows which enable partner governments to implement green growth policies and IO3. Improved multi-directional knowledge sharing and learning to empower local and external agents necessary to drive green growth processes in partner governments. 

Type of services provided, and results achieved

Impact: National RE Fund is legally set up, operationalized and contribute to GHG emissions reduction, increase access to energy. 

Outcome: N/A 

Project Outputs completed in 2019The selection of Fieldstone as REEF co-manager 

i. Green Growth Policies:N/A

ii. Green Investments: 

Green investment catalyzed: FONSIS has committed to invest USD 5 million in the REEF. In addition, FONSIS will be setting up a legal entity in which it will co-invest with Fieldstone. Fieldstone will also receive retainer fees for the fundraising that are distinctive of the Management fees during the lifetime of REEF. 

iii. Capacity Building and Knowledge Products: N/A 

Number of staff provided

Project Manager: Amadou Lamine Fall 

Fenella Aouane, Josephe Innack, Mamadou Konate, Romain Brille