Genesis Energy Group has signed a memorandum of understanding (MoU) with the West African Development Bank (BOAD) to implement s energy infrastructure projects within the Francophone West African countries, which has as of now an aggregate pipeline of over 1 GW, comprising gas-to-power, solar, battery energy storage systems, wind and hydropower projects.
The agreement, which marks the dawn of a long-term partnership between BOAD and Genesis to deliver key energy infrastructure projects across the West African Economic and Monetary Union (WAEMU) region.
In Mali last year, Genesis launched its “Decarbonation Investment Campaign” in the Francophone region. It financed fully, the deployment of the first ever pioneering clean gas-fired electricity generation operation to a private industrial group.
The displacing of dirtier hydrocarbon emitters, such as diesel, heavy fuel oil, etc. And replacing them with cleaner gas, and subsequently hybridizing with solar PV, the firm noted will be very crucial to Africa’s growth as a continent heavily powered by nature.
The signing of the MoU will however paveway for seeking more secure and sustainable energy future, as well as promoting renewable energy, and providing energy security in the WAEMU region at large, including Benin, Togo, Côte d’Ivoire, Burkina Faso, Mali, Niger, Senegal, and Guinea Bissau.
The President of BOAD, Serge Ekue, commented: “Energy is more than just a commodity; it is a key driver of economic, social and human development. Lack of access to energy is an aggravating factor in poverty, depriving populations of the fundamental opportunities offered by reliable access to electricity, in particular. The repercussions of this deprivation are devastating, thereby limiting access to education, health, drinking water and sustainable livelihoods, and hindering the full development of individuals and communities. This partnership is therefore very significant to us.“
“This MOU underscores our commitment to providing reliable and affordable energy solutions to underserved communities across Africa and is a huge milestone and proud moment for us. Our commitment to Light Up Africa, one community at a time could not be better expressed, and we are proud to have BOAD by our side as a trusted partner in this journey.” Said the Chairman and CEO of Genesis Energy Group, Akinwole Omoboriowo II.
