Today, FMO announces the sale of its outstanding loans in Compagnie d’Électricité du Sénégal SA (CES) to Kebe Capital. CES operates the Sendou coal-fired power plant near Bargny, in southern Dakar.
With the sale of its loans to CES, FMO ceases to be a lender to the Sendou project, effectively closing its final active coal investment. Since adopting a no-coal policy in 2015, FMO has ceased direct financing of new coal-fired power generation projects. FMO initially supported the Sendou project in 2012 with a €35 million loan, aimed at increasing the supply of reliable electricity for Senegalese citizens and businesses. This was followed by an additional €5 million loan in 2015.
Since the plant resumed operations in September 2021, FMO has collaborated extensively with CES management and specialized consultants to address environmental and social non-compliances outlined in the Independent Complaint Mechanism (ICM) Monitoring Reports. On 28 November 2024, the Mayor of Bargny, Senegal’s national electricity company (Senelec), and CES management signed a Social Action Plan, which FMO views as a clear demonstration of CES’s commitment to independently addressing outstanding non-compliances.
Despite FMO's exit, the ICM will retain access to the project site in the context of its monitoring report. FMO will stay in close contact with the ICM regarding their findings or any additional inquiries.
