LuxSE Welcomes SENELEC's €164m Sustainability-Linked Bond Listing

On Monday 13 July 2026, the Luxembourg Stock Exchange (LuxSE) announced the admission of Société nationale d'électricité du Sénégal's (SENELEC) XOF approximately €164 million sustainability-linked bonds (SLBs) to its Securities Official List (LuxSE SOL) and their display on the Luxembourg Green Exchange (LGX), marking Africa's first securitisation by a public utility.

The announcement followed a special Ring the Bell ceremony held at LuxSE on Friday 10 July 2026, where representatives of LuxSE and SENELEC celebrated the listing.

LuxSE said that the transaction combines sustainability-linked financing with green financing features and is intended to support Senegal's energy transition while expanding the state-owned electricity utility's access to international capital markets through local-currency financing.

“This transaction demonstrates how sustainable capital markets can support the energy transition in Africa by connecting ambitious issuers with international investors. We are proud to support SENELEC as it advances its sustainability objectives and contributes to expanding access to reliable, affordable and cleaner electricity in Senegal,” said Julie Becker, CEO of LuxSE.

According to LuxSE, SENELEC, Senegal's state-owned electricity utility, supplies electricity to around 80% of the country's population and plays a key role in the country's goal of achieving universal electricity access and increasing the share of renewable energy in its energy mix to 40% by 2030.

Around 52.5% of the bond proceeds will be allocated to renewable energy and energy efficiency projects, while the sustainability-linked component includes targets to reduce transmission losses and expand access to electricity, supporting Senegal's broader energy transition.

"Our objective is to accelerate the transformation of Senegal's energy sector, expand universal access to electricity and support our ambitions for the energy transition and sustainable development. This transaction also reflects investors' confidence in the resilience of our business model and in Senegal's Vision 2050, which aims to build a more inclusive and resilient energy future,” said Papa Toby Gaye, CEO of SENELEC.

The Ring the Bell ceremony was also attended by Edoh Kossi Amenounve, CEO of Bourse Régionale des Valeurs Mobilières (BRVM), the regional stock exchange serving the eight West African Economic and Monetary Union (WAEMU) member states, as well as Jean-Philippe Aithnard, Deputy CEO of BOAD Titrisation, with the institution having supported the structuring of the securitisation vehicle underpinning the issuance, added the LuxSE.

“As the first securitisation transaction in Africa to combine a Green Bond component with a Sustainability-Linked Bond component, it demonstrates that sophisticated local-currency financing solutions can be aligned with measurable environmental and social objectives. As arranger and management company, BOAD Titrisation is proud to have contributed to structuring an instrument that supports Senegal’s energy transition while opening new avenues for sustainable finance across the continent,” said Adji Sokhna M’Baye, CEO of BOAD Titrisation.

SENELEC’s SLBs mark another dual listing between LuxSE and BRVM following the signing of a Memorandum of Understanding (MoU) between the two exchanges in 2022. Through this partnership, LuxSE and BRVM are committed to promoting sustainable finance in West Africa by facilitating dual listings, supporting market development and encouraging knowledge sharing.

“SENELEC's sustainability-linked bonds dual listing on the BRVM and the Luxembourg Stock Exchanges is far more than a capital markets transaction; it is a powerful signal of the growing confidence in African capital markets and in the ability of our region to deliver innovative financing solutions that meet global standards,” said Edoh Kossi Amenounve, CEO of BRVM.