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The African Development Bank Group Resident Representative in Senegal, Mr. Mohamed H'Midouche, on July 21, 2006, in Dakar signed security agreements (Mortgage, Collaterals and Pledges) on behalf of Bank Group President, Donald Kaberuka, on the Kounoune Power Project, which is jointly financed by the AfDB, IFC, BOAD (West African Development Bank), PROPARCO and CBAO (West African Banking Company). The AfDB is the first donor agency to sign such agreements. The other donors will also sign in the coming days.
Donor contributions to the project amount to 48 million euros. AfDB contributes 8 million euros, IFC 17 million euros, PROPARCO 11 million, BOAD 4,6 million euros and CBOA 7,4 million euros.
Kounoune Power SA, a Senegalese limited liability company, established in July 2004 for the construction, use and maintenance of the Kounoune power plant, is promoting the project. On February 5, 2005, the Kounoune Power Company signed a 15-year energy supply contract with Senelec (National Electricity Corporation). Matelec SAL joined Mitsubishi Heavy Industries Electric Europe to ensure the development of the project.
The Kounoune project investment proposal was approved by the AfDB Board of Directors on June 22, 2005, and the loan agreement between ADB and Kounoune Power SA was signed on November 18, 2005.
Upon completion, the Kounoune power plant will help in resolving energy problems faced by both industrial and residential users. The Kounoune power plant is a 67.5 mega watts diesel thermal facility that uses heavy oil. It will also comprise a sub-station and a pipeline.
The signing ceremony took place at the AfDB regional office in Dakar, which also covers The Gambia, Cape Verde and Mauritania.