Genesis Energy Group (“GENESIS”), one of Africa’s leading energy infrastructure and serial climate impact investors across Africa, announced today the signing of a Memorandum of Understanding (MoU) with the West African Development Bank (BOAD) to implement GENESIS’ serial energy infrastructure projects within the Francophone West African countries, which has as at now an aggregate pipeline of over 1 GW, comprising gas-to-power, solar, battery energy storage systems, wind and hydropower projects.
This landmark agreement marks the beginning of a long-term partnership between BOAD and GENESIS to deploy critical energy infrastructure projects across the West African Economic and Monetary Union (WAEMU) region.
Last year, GENESIS kick-started its “Decarbonation Investment Campaign” in the Francophone region by fully financing the deployment of the first-ever pioneering clean gas-fired electricity generation operation to a private industrial group in Mali -MCC Group. Decarbonation of Africa by initially displacing dirtier hydrocarbon emitters (diesel, heavy fuel oil, etc.) with cleaner gas, and subsequently hybridizing with solar PV, holds hugely a credible platform for Africa to leapfrog to a continent fully powered by nature.
The signing of the MoU between GENESIS and BOAD therefore adds a significant milestone and gives impetus to the parties to seek a more secure and sustainable energy future for the WAEMU region at large, including Benin, Togo, Côte d’Ivoire, Burkina Faso, Mali, Niger, Senegal, and Guinea Bissau. The two parties will work on identifying and developing projects that will help decarbonize heavy industries, promote renewable energy and enhance energy security across the region.
The President of BOAD, Mr. Serge Ekue commented “Energy is more than just a commodity; it is a key driver of economic, social and human development. Lack of access to energy is an aggravating factor in poverty, depriving populations of the fundamental opportunities offered by reliable access to electricity, in particular. The repercussions of this deprivation are devastating, thereby limiting access to education, health, drinking water and sustainable livelihoods, and hindering the full development of individuals and communities. This partnership is therefore very significant to us…”
“This MOU underscores our commitment to providing reliable and affordable energy solutions to underserved communities across Africa and is a huge milestone and proud moment for us. Our commitment to Light Up Africa, One Community at a Time could not be better expressed, and we are proud to have BOAD by our side as a trusted partner in this journey,” said Akinwole Omoboriowo II, Chairman and CEO of Genesis Energy Group.
Execution of the MoU will pave the way for a pioneering 41 MW gas-fired combined cycle plant whose construction will begin in this year 2024. The project will utilize state-of-the-art technology to ensure efficient and environmentally friendly power generation and re-assert GENESIS’s position as Africa’s Prime Climate Impact Investor, paving the way for Sub-Saharan Africa to unlock its inherent economic potential in the right conditions and with the right partners.
About GENESIS ENERGY GROUP
GENESIS is one of Africa’s leading Energy Infrastructure Developers and Asset Management companies, driving positive social, economic and environmental impact across the continent.
About West African Development Bank (BOAD)
BOAD is the common institution responsible for financing priority development and economic integration actions within the WAEMU region as provided under the WAEMU Treaty.
