With 100.000 autonomous streetlights in the Republic of Senegal partnering with Salvi
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The transaction was structured through a Cesce-covered facility of 220 million euros and a complementary commercial loan of 7 million euros.
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Provides financing for the contract between Salvi Lighting Barcelona and the Senegalese National Agency for Renewable Energies.
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Involves the supply and installation of 100,000 autonomous solar-powered smart streetlights, covering 4,000 kilometers and saving the emission of 22,500 tons of CO2 per year.
September 17, 2024: Deutsche Bank arranged a 227 million euros lending transaction for the Republic of Senegal through its Ministry of Economy, Planning, and Cooperation (MEPC) to finance the supply, installation, and maintenance of 100,000 autonomous solar-powered streetlights across the country.
The transaction finances the commercial contract signed between the Senegalese National Agency for Renewable Energies and Salvi Lighting Barcelona.
“This transaction demonstrates our ability to structure complex international trade transactions, employing all our capabilities and dedication as the Global Hausbank, to service our clients,” said Iñaki Ramiro, Head of Structured Trade & Export Finance (STEF) at Deutsche Bank for Iberia & Latin America.
The financing signed in July 2023 and currently effective was structured by means of a 220-million-euro facility covered by the Spanish Export Credit Agency (Cesce), under their Green Buyer Credit Policy, which was syndicated by Deutsche Bank with four other financial institutions, and a 7-million-euro complementary commercial loan facility.
The 100,000 streetlights manufactured by Salvi Lighting in Senegal will cover 4,000 kilometers and improve safety, thus reducing fatal accidents, enhancing security, and enhancing economic development. Being solar-powered, the new streetlights will also save more than 22,500 tons of CO2 per year compared to lights that use power generated by burning fossil fuel.
The financing meets the eligibility criteria of Deutsche Bank’s own Sustainable Finance Framework and qualifies for the Green Asset Pool—under energy efficiency—by providing LED lighting using solar energy. It is a smart and connected lighting solution that allows lighting and all services to be controlled on a single platform, Smartec. The project will create over 400 quality jobs, facilitate knowledge transfer, and contribute to a better and more sustainable future for Senegal while providing quality lighting solutions that meet the specific needs of communities.
The transaction is another example of Deutsche Bank’s capabilities, experience, and presence in Africa, highlighting the strong internal cooperation that has allowed the bank to further expand its relationship with Senegal and commitment to the country.
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