The EMEA Finance Achievement Awards recognise the region’s key players in the debt capital markets that are bringing outstanding opportunities to investors. EMEA Finance report that green, sustainable and social directed bonds continue to build share next to conventional issues with borrowers eager to access capital that transforms their businesses.
In the transaction which closed in 2025, GuarantCo provided a USD 50 million payment default guarantee for Senegal’s first-ever sustainability-linked securitisation that was dual labelled as a Green Bond. It was sponsored by the national power utility, Société Nationale d’Electricité du Sénégal (Senelec), with the local bond arranged and managed by BOAD Titrisation.
The proceeds of the USD 213 million transaction will finance nine new renewable energy projects in Senegal, enabling reliable access to energy for 1.8 million end users and avoiding an estimated 853k tCO₂e annually.
The bond structure was innovative in that it was purchased by a Symbiotics-arranged vehicle in Luxembourg, which took the benefit of the GuarantCo guarantee and issued a guaranteed bond, which was fully subscribed to by M&G Investments.
Dave Chalila, Head of Africa Investments at GuarantCo, said: “The team is honoured to be recognised for this pioneering credit solution we provided to deliver sustainable impact in Senegal. We are proud to have played a central role in the first sustainability-linked securitisation in Senegal and the first double-labelled bond issuance in Africa. The guarantee provided by GuarantCo was essential to the completion of this complex yet highly impactful transaction. By de-risking the senior tranche of the bond issuance, we succeeded in crowding in an international institutional investor and mobilising private capital flows into West African sustainable infrastructure. The demonstration of this model has the potential to develop local capital markets and deliver the necessary market transformation to finance renewable energy at scale.”
