Senelec : une première africaine avec 120 milliards FCFA d’obligations doublement labellisées Green Bond & SLB
With BOAD Titrisation as arranger, Senelec is opening a new era of sustainable financing combining returns for investors and social transformation in Senegal.
An African first that changes the game
In September 2025, Senelec, the national electricity operator, reached a historic milestone: the launch of the first bond issue in Africa combining two international labels – Green Bond and Sustainability-Linked Bond (SLB) . Amount raised: 120 billion FCFA .
At the heart of this unprecedented arrangement is BOAD Titrisation , a subsidiary of the West African Development Bank, which acted as arranger and management company for the securitization fund (FCTC). Its technical expertise enabled the transformation of a portfolio of Senelec receivables into attractive bonds, accessible to regional and international investors.
“Structured finance can be a powerful lever to accelerate the energy transition,” recalls Adji Sokhna M'Baye, Managing Director of BOAD Titrisation.
Box 1 – Understanding the two labels
By combining these two labels, the operation guarantees environmental and social traceability and commits Senelec to concrete results. A first in West Africa.
A secure and attractive structure
The transaction is based on sophisticated financial engineering. Three tranches were issued:
This structuring, in accordance with international standards, is accompanied by security mechanisms (reserve fund, liquidity line, junior tranche) which reinforce the confidence of subscribers.
Box 2 – Advantages for investors
A national ambition: Vision 2030
Beyond the financial markets, the operation is part of Senegal's strategic priorities , as defined by the new authorities in Vision 2030:
The general director of Senelec sums up the issue:
“This is less about funding than it is about a tool for national transformation.”
Box 3 – Benefits for populations
BOAD Titrisation, regional pioneer
For BOAD Titrisation, this transaction confirms its role as a catalyst for financial innovation in West Africa . Winner of the AFIS Fund of the Year award in 2024 , the company has multiplied its unprecedented transactions in 2025: first multi-seller securitization, first issue dedicated to housing, and now first double green and sustainable label for a public service.
This dynamic illustrates a strong conviction: structured finance can be used to serve the continent's major transformations, by combining innovation, profitability and social impact.
With this issue, Senelec and BOAD Titrisation are redrawing the contours of sustainable finance in Africa. For investors, it represents an opportunity to combine returns and responsibility. For Senegal, it represents a strategic lever to achieve its ambition of universal access to electricity and an accelerated energy transition.
A strong signal, which positions Senegal as a pioneer of a new generation of financing where financial technique meets societal impact.
Commentaires (14)
La réponse à cette question va clore définitivement le débat sur le niveau d’endettement du pays
Salam
Je ne pense pas que l'idée soit pertinente .
Le Sénégal est devenu un pays de théories
La Senelec n’est load une société performante ni ni pour les consommateurs ni pour l’état
Première en Afrique qui nous apporte quoi
Seneweb monnaie légui pomper rek
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