From left to right: Jean-Philippe Aithnard, Deputy CEO of BOAD Titrisation; Félix Edoh Kossi Amenounve, CEO of Bourse Régionale des Valeurs Mobilières (BRVM); Papa Toby Gaye, CEO of SENELEC; Julie Becker, CEO of LuxSE; and Guillaume Carta, Investment Director of GuarantCo.
This issuance marks Africa’s first securitisation by a public utility, reinforcing the continent’s growing capital markets maturity in a transaction that combines innovative financing with sustainability goals.
Last Friday, during a special Ring the Bell ceremony held at the Luxembourg Stock Exchange (LuxSE), the leadership of Société nationale d’électricité du Sénégal (SENELEC) and LuxSE gathered to celebrate the admission of SENELEC’s XOF 108 billion (approximately EUR 164 million) sustainability-linked bonds (SLBs) on LuxSE and their display on the Luxembourg Green Exchange (LGX) platform.
Structured as a securitisation backed by unpaid or overdue electricity bills, the bonds are the first securities issued by Senegal’s state-owned national electricity utility to be admitted on LuxSE’s Securities Official List (LuxSE SOL) and displayed on LGX, reinforcing SENELEC’s commitment to accelerating the country’s energy transition while broadening its access to international capital markets using local currencies.
“We are delighted to welcome SENELEC to LuxSE and LGX with its inaugural sustainability-linked bonds. This transaction demonstrates how sustainable capital markets can support the energy transition in Africa by connecting ambitious issuers with international investors. We are proud to support SENELEC as it advances its sustainability objectives and contributes to expanding access to reliable, affordable and cleaner electricity in Senegal,” said Julie Becker, CEO of LuxSE.
Supporting Senegal’s energy transition
SENELEC is Senegal’s state-owned national electricity utility, responsible for the generation, transmission, distribution and commercialisation of electricity. The company supplies electricity to approximately 80% of the country’s population and plays a central role in Senegal’s national strategy to achieve universal access to electricity and increase the share of renewable energy in the national energy mix to 40% by 2030.
The transaction combines a sustainability-linked structure with a green use-of-proceeds component, with approximately 52.5% of proceeds allocated to eligible renewable energy and energy efficiency projects under SENELEC’s sustainability framework. The sustainability-linked component is tied to clearly defined Key Performance Indicators (KPIs) and Sustainability Performance Targets (SPTs), including reducing transmission losses and expanding electricity access. This dual structure supports Senegal’s broader energy transition objectives while demonstrating how capital markets can finance sustainable infrastructure across Africa.
« This securitisation transaction represents a landmark innovation. Its listing on LuxSE and subsequent display on the LGX platform mark a significant milestone for SENELEC and the African financial market. It demonstrates our commitment to sustainably diversifying our funding sources, optimising the management of our receivables, and strengthening our ability to mobilise medium- and long-term funding on competitive and transparent terms. Our objective is to accelerate the transformation of Senegal’s energy sector, expand universal access to electricity, and support our ambitions for the energy transition and sustainable development. This transaction also reflects investors’ confidence in the resilience of our business model and in Senegal’s Vision 2050, which aims to build a more inclusive and resilient energy future,” said Papa Toby Gaye, CEO of SENELEC.
Building on cross-border cooperation
The Ring the Bell ceremony was also attended by Edoh Kossi Amenounve, CEO of Bourse Régionale des Valeurs Mobilières (BRVM), the regional stock exchange serving the eight West African Economic and Monetary Union (WAEMU) member states, as well as Jean-Philippe Aithnard, Deputy CEO of BOAD Titrisation, with the institution having supported the structuring of the securitisation vehicle underpinning the issuance.
“The admission of SENELEC’s securities to LuxSE and their display on LGX give international visibility to a transaction that marked a significant milestone for African capital markets. As the first securitisation transaction in Africa to combine a Green Bond component with a Sustainability-Linked Bond component, it demonstrates that sophisticated local-currency financing solutions can be aligned with measurable environmental and social objectives. As arranger and management company, BOAD Titrisation is proud to have contributed to structuring an instrument that supports
Senegal’s energy transition while opening new avenues for sustainable finance across the continent,” said Adji Sokhna M’Baye, CEO of BOAD Titrisation.
SENELEC’s SLBs mark another dual listing between LuxSE and BRVM following the signing of a Memorandum of Understanding (MoU) between the two exchanges in 2022. Through this partnership, LuxSE and BRVM are committed to promoting sustainable finance in West Africa by facilitating dual listings, supporting market development and encouraging knowledge sharing.
“SENELEC’s sustainability-linked bonds dual listing on the BRVM and the Luxembourg Stock Exchanges is far more than a capital markets transaction; it is a powerful signal of the growing confidence in African capital markets and in the ability of our region to deliver innovative financing solutions that meet global standards. This achievement confirms the BRVM’s transformation into an internationally connected marketplace, where regional savings and global capital converge to finance sustainable infrastructure and inclusive growth. BRVM and the Luxembourg Stock Exchange are creating new pathways for African issuers to access international investors while advancing sustainable finance for the benefit of our economies,” said Edoh Kossi Amenounve, CEO of BRVM.
This dual listing demonstrates the continued strength of the collaboration between the two exchanges while supporting greater international visibility for West African issuers and fostering deeper integration of regional and international capital markets.
Advancing sustainable finance in Africa
The listing further highlights LuxSE’s commitment to supporting African issuers in accessing international capital markets, both in hard and local currencies, to finance projects with measurable environmental and social impact.
By welcoming SENELEC’s SLBs to LGX, LuxSE continues to strengthen its role as a global hub for sustainable finance while helping issuers mobilise capital for the transition to more resilient, inclusive and low-carbon economies.
For more information, please visit the issuer card.
