WiredInUSA September 2019

Senegal making solar moves

Division’s sale prospects

Leoni’s management is said to be continuing with informal talks with potential buyers for its wire and cables unit. The move to shed the division follows a 25 percent drop in liquidity for the company. Leoni announced in July that it would explore a listing or sale of its Wire and Cable Solutions (WCS) business, which supplies the healthcare, factory automation, transportation and automotive markets. “The wire and cable business with industrial clients will likely see robust demand, while interest in the unit catering to car makers is limited,” said a company source. Industrial clients account for roughly 40 percent of the unit’s annual sales of around two billion euros. Deutsche Bank and UBS are advising Leoni on the unit sale, while Rothschild is believed to have been brought in as restructuring advisor. Leoni abandoned its 2019 profit targets in March,when thecompanyalsoannounced job cuts.

Image: Engie Africa

Engie, and its investment partners Meridiam and Senegal’s Sovereign Fund for Strategic Investment (FONSIS), have signed the EPC, operation and maintenance, and finance contracts for two 60MW solar PV projects located in the Kaolack and Diourbel regions of Senegal. The partners were awarded the projects in April last year. The PV plants are part of Senegal’s Scaling Solar initiative, conducted jointly by the Senegalese authorities and International Finance Corporation (IFC). Construction and operation of the plants will be managed and executed by Engie. Yoven Moorooven, CEO of Engie Africa, said the project “reaffirms [Engie’s] commitment … to bring clean and affordable energy to the country while creating sustainable jobs. These projects are perfectly in line with the strategy of the group to become a leader in the zero carbon transition.” Engie is already involved in Senegal’s Senergy project, a 30MW solar plant in Santhiou Mekhé, and in Ten Merina, a 29.5MW plant near the capital, Dakar. The group is also implementing solar energy solutions for rural households in Côte d’Ivoire and Senegal through a partnership agreement signed with L’Agence Sénégalaise d’Electrification Rurale (ASER).

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wiredInUSA September 2019