SDG 7.1 – Ensure universal access to affordable, reliable, and modern energy services.

Expected impact: 2m consumers are expected to benefit. Users who consume the most power will feel the largest impact.

SDG 8.5 – Achieve full and productive employment.

Expected impact: 7.6k business customers are expected to benefit. This will in turn create indirect jobs in the economy.

Challenge: Achieve universal electricity access by 2025.

Channel: Demonstrate the first social bond focusing on rural electrification on the West African Economic and Monetary Union regional securities exchange.

Outcome: Act a reference transaction for further issuances of social bonds on the West African Economic and Monetary Union regional securities exchange.

Mobilised $20m of private sector investment.

$322k for lender due diligence.

Transition risk: This project is expected to support the country’s decarbonisation aims. Greater access to electricity enables central renewable energy policies to contribute to economy-wide decarbonisation, which is reinforced by the country’s commitment to generate 42% of its electricity from renewable sources by 2030 (via IFC).

Resilience: Extreme weather events could damage transmission towers, substations, and transmission lines. The programme is specifically linked to last mile distribution and there is a programme in place to switch low tension poles from wood to recycled plastic poles which are more resilient to climate change.

First-time access to grid electricity for climate vulnerable rural communities increases their climate resilience through socio-economic impacts improved livelihoods, increased incomes, better health and education services, etc. and via enabling adaptation services such as better access to information and communication technologies.

As part of the due diligence process, 12 HSES improvements were identified which are now reflected in the Project Environmental and Social Action Plan (ESAP).