Afreenergy Solar has acquired a significant portfolio of solar assets in Senegal from GreenYellow. This acquisition marks a milestone for Afreenergy Solar and also keenly highlights its ambition to lead renewable energy production in Africa.
A Strategic Acquisition of Solar Assets
In a move set to solidify its position in Africa's renewable energy landscape, Afreenergy Solar has announced the successful acquisition of a significant portfolio of solar assets in Senegal. GreenYellow which is a leader in decentralized energy transition in France and abroad was the former owner of the portfolio. This strategic acquisition marks a substantial milestone for Afreenergy Solar and also underscores its ambition to become a leading independent producer of renewable energy across Africa.
As part of this landmark transaction, the subsidiary of Independent Power Producer (IPP) Afreenergy has taken over all of GreenYellow’s shares in a portfolio comprising three operational rooftop solar power plants in Senegal. The portfolio which has a total consolidated capacity of 2.6 MWp is designed to cater to the electricity needs of leading commercial and industrial (C&I) customers through self-consumption. The environmental impact of these solar assets is profound, with a reduction in CO2 emissions of over 2,000 tonnes per year and a cumulative reduction of more than 26,000 tonnes over the duration of the contracts.
“This acquisition strengthens our presence in Senegal, a strategic country with significant momentum towards renewable energy (particularly solar). It’s a trend that we want to support through partnerships with local players, to give as many people as possible access to clean and affordable energy,” explained Christian Cachat, CEO of Afreenergy Solar.
Robinson Ralazraki, General Manager of GreenYellow Africa, echoed these sentiments by stating, “We are pleased to transfer our solar assets to Afreenergy Solar, which will uphold our commitment to a sustainable energy transition and the promotion of renewable energy in Africa. This transaction aligns with GreenYellow’s overall strategy to geographically refocus on Europe. We are convinced that Afreenergy Solar will ambitiously pursue the operation and development of these solar power plants in Senegal.”
Bolstering Afreenergy's Portfolio
This acquisition adds to Afreenergy’s growing portfolio of over 320 MW of solar, storage, and hydro assets at various stages of development, construction, and operation across 12 African countries. Afreenergy has strong growth ambitions and has already received support from climate and impact-driven global investor TimeToAct Capital, along with a pool of European family offices.
Afreenergy grows its renewable energy portfolio across Africa, focusing on solar, storage, and hydro projects.
Founded in 2019, Afreenergy was established as an IPP with a long-term vision and commitment to bridging the financing gap for clean energy access in Africa. Based in Mauritius, Afreenergy relies on a team of 15 professionals strategically distributed across engineering and technical offices in Madagascar, Dakar, Douala, Gauteng, Kigali, Kinshasa, and Nairobi.
In the coming months, the company aims to advance the deployment of its portfolio and will increasingly seek acquisition opportunities for late-stage projects in West Africa to consolidate its portfolio in key segments such as C&I for solar and “run-of-the-river” hydro assets.
Senegal's Solar Revolution
Senegal is undergoing a spectacular transition as solar energy gains prominence. Over the past decade, the country has made significant advancements in harnessing the year-round abundance of sunlight it receives; propelled by several noteworthy trends and breakthroughs.
Senegal’s dedication to renewable energy is one of the main elements driving the expansion of solar power in the nation. The Senegalese government has implemented policies and incentives to promote the use of solar energy, recognizing its benefits for the environment and energy security. This includes the introduction of the “Plan Senegal Emergent” (PSE), which outlines the nation’s strategy for economic development with a major focus on renewable energy.
Senegal’s solar industry has seen a sharp increase in foreign investment. International organizations and private investors are collaborating with local entities to develop solar projects, ranging from utility-scale solar farms to distributed solar installations. These investments are boosting the nation’s solar capacity while simultaneously generating jobs and stimulating the economy.
The acquisition of GreenYellow’s solar assets by Afreenergy Solar is a pivotal step in the broader context of Senegal's solar energy landscape. As Afreenergy continues to expand its portfolio and invest in renewable energy projects across Africa, the future looks bright for solar energy in Senegal.