Afreenergy Solar has acquired a significant portfolio of solar assets in Senegal from GreenYellow, a milestone acquisition highlighting 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 its successful acquisition of a significant portfolio of solar assets in Senegal. The portfolio was previously owned by GreenYellow, a leader in the decentralized energy transition in France and abroad. This strategic move marks a substantial milestone for Afreenergy Solar, underscoring its ambition to become a leading independent producer of renewable energy across Africa.
As part of this landmark transaction, the Independent Power Producer (IPP) has taken over all of GreenYellow’s shares in a portfolio of three operational rooftop solar power plants in Senegal. With a total consolidated capacity of 2.6 MWp, the portfolio is designed to meet the electricity needs of leading commercial and industrial (C&I) customers through self-consumption.
The environmental impact of these solar assets is profound, reducing CO2 emissions by over 2,000 tonnes per year, with 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, 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 the 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 is an IPP with a long-term vision and a commitment to bridging the financing gap for clean energy access in Africa. Based in Mauritius, the company relies on a team of 15 professionals located in 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 holdings in key segments such as C&I 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 its year-round abundance of sunlight, propelled by several noteworthy trends and breakthroughs. Senegal’s dedication to renewable energy is a key driver for the expansion of solar power. Recognizing its benefits for the environment and energy security, the Senegalese government has implemented policies and incentives to promote the use of solar energy. 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 also 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 country’s solar capacity while generating jobs and stimulating the economy. Afreenergy Solar’s acquisition of GreenYellow’s assets is a pivotal step within Senegal’s evolving 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.
