WALO STORAGE S.A.S. (FMO-61835)

Countries
  • Senegal
Geographic location where the impacts of the investment may be experienced.
Specific Location
Bokhol, Northern Senegal
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
Walo Storage SASU
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 34.95 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 34.5
Converted using 2022-09-12 exchange rate.
Loan Amount (USD)
$ 13.17 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 13
Converted using 2022-09-12 exchange rate.
Project Cost (USD)
$ 43.56 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 43
Converted using 2022-09-12 exchange rate.
Primary Source

Original disclosure @ FMO website

Updated in EWS Mar 11, 2023

Disclosed by Bank Dec 9, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

FMO is investing with a total up to syndicated debt of EUR 34.5 mln into Walo Storage SASU, an SPV established under the laws of Senegal. The project is developed and owned by Africa REN, an existing FMO client who is an IPP in West Africa.

FMO's loan of up to 13 million will catalyse up to EUR 15 mln from co-funders (to be confirmed) and mobilize an additional EUR 8 mln from Access to Energy Fund and/or Building Prospects funds with an 18-year tenor. This financing will enable the development, construction and operation of a 10 MW / 20 MWh battery storage facility and 16 MW solar power plant with a total project cost of around EUR 43 mln. It will be located in Bokhol, Northern Senegal, near the Senergy 2 solar plant that is also owned by Africa REN and financed by FMO.

Walo Storage is set to be the first battery storage project in West Africa dedicated to frequency regulation and as such FMO enhances battery storage market creation.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The FMO categorized the project as B+.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

From the company's website:

Pioneer in renewable energies in Africa, Africa REN operates the first solar power plant in West Africa (Senergy 2, 25MW), in Bokhol, Senegal and the largest solar power plant in Burkina Faso, Kodeni Solar (38MW).
Africa REN develops, finances and operates sustainable infrastructure to increase access to electricity and essential services for people in sub-Saharan Africa.
Faithful to its pioneering spirit that guided its first steps, Africa REN targets complex environments where the company has acquired cutting-edge expertise.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Africa REN Parent Company Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No project contacts available at the time of disclosure.

Africa REN:

Addresses -
France: 47 rue de Liège, 75008 Paris
Senegal: 2 rue de Fatick Point E, Dakar
Website: www.africa-ren.com

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism

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How it works