2 minute read | September.11.2025
Orrick has advised project company Terenga Niakhar Storage (TNS) and its sole shareholder, Energy Resources Senegal (ERS) on the development and financing of the Teranga Niakhar Storage photovoltaic solar project located in western Senegal. This project includes a 30 MW photovoltaic power plant and a 15 MW / 45 MWh battery storage system.
The total project value is estimated at XOF 36.25 billion ($64.3 million), with 75% of the financing provided by a banking pool comprising the West African Development Bank (BOAD), the International Bank for Commerce and Industry of Senegal (BICIS), and Coris Bank International Togo (CBI Togo). ERS will invest XOF 9 billion ($16.07 million), partially covered by an Islamic finance instrument (Murabaha Tawarruq) of XOF 5.4 billion ($9.64 million) provided by the Islamic Bank of Senegal.
ERS is a Senegalese energy developer and producer which is controlled by Moustapha Sene and Senegal’s national electricity company, Senelec.
Teranga Niakhar Storage is a subsidiary of ERS.
The signing of the financing documentation by all parties on 8 September 2025 marks a major milestone in the progress of the project.
Construction of the Niakhar solar plant has been entrusted to a Chinese consortium consisting of Zhejiang Electric Power Design Institute (ZEPDI) and APCC under an EPC contract, with Huawei Technologies supplying the battery energy storage system (BESS) and JA Solar International supplying the panels. Once operational, the plant will generate 63.24 GWh of electricity annually and reduce CO2 emissions by 32,000 tonnes each year, directly benefitting more than 150,000 residents of the Fatick region.
Senelec, which holds 49% of ERS’s share capital, acts as the offtaker under a 25-year power purchase agreement (PPA) guaranteed by the State of Senegal.
This innovative project, led and financed exclusively by African stakeholders, marks a major milestone in the development of renewable energy in Senegal and West Africa. It is fully aligned with Senegal’s sustainable development goals, supporting universal access to electricity and the target of 2.5 GW of installed capacity by 2030.
The Niakhar solar plant exemplifies the growing capacity of African institutions and companies to structure, finance, and deliver complex projects in CFA francs, while promoting energy sovereignty and sustainable development across the continent. This strategic initiative positions Senegal as a regional leader in energy transition and sets an important precedent for projects conceived and delivered by Africans, for Africa.
The Orrick team dedicated to this transaction was composed of Hugues Martin-Sisteron, Zineb Ouadih and Laetitia Simo on the financing and development aspects.