Additional financing may be made available at a later date to assist Senegal in meeting and exceeding its renewable energy objectives. Previously, similar agreements were made with South Africa, Indonesia and Vietnam.
Under the terms of the JET-P deal, over the next 12 months, Senegal will be required to develop an investment plan identifying avenues for investment that ensure a just and equitable energy transition. This strategy will outline the capital required to assist the country in transitioning to cleaner, more sustainable energy sources.
The EU’s JET-P financing for Senegal comes from its €300 billion Global Gateway investment initiative, which aims to create a favorable environment for private businesses. The funding plan is intended to attract long-term investments of $15 billion to $20 billion.