Teranga Capital, an impact investment company dedicated to financing and supporting small and medium-sized entreprises in Senegal, has invested CFA185m ($336.7k) in Cogelec Energy, a provider of power services.
Olivier Furdelle, Managing Director of Teranga Capital, said: “We are very pleased to partner with a talented entrepreneur who has managed to create a dynamic company operating in the wider rural electrification sector.”
“We strongly believe in the potential of Cogelec Energy and in their contribution to positive socioeconomic outcomes for the people using their services. We will therefore bring our support to the company to help it achieve this impactful growth.”
Cogelec Energy is an engineering company specialized in electrical line construction, rural electrification and distribution and maintenance of electrical and hydraulic equipment, spanning the whole territory of Senegal.
Teranga Capital’s investment will allow Cogelec Energy to expand its logistical equipment, invest in human resources and strengthen its capacity to execute increasingly complex projects.
Through this partnership, Teranga Capital will also support Cogelec Energy in elaborating and executing its strategy with a view to improving its organisational efficiency and promoting growth.
Abdou Wahab Kane, President of Cogelec Energy, said: ‘’From our founding in 2014, COGELEC ENERGY has been focused on bringing energy for productive uses to rural areas in Senegal for the greater benefit of the population. We are therefore delighted with the confidence that Teranga Capital has shown in us by bringing this financing. This partnership will allow us to better support and serve our clients.’’
This is the second investment by the fund, just a few months after its first investment in OuiCarry.
Teranga Capital targets SMEs with high growth potential from all sectors and regions of Senegal.
It provides equity and becomes a minority shareholder of SMEs over a time horizon of around five years, and ensures active and personalized support according to the specific needs of each company in the portfolio.
Investee companies are supported in formalizing their management, strengthening their organization, increasing their skills and accelerating their commercial development.