Pipeline Project

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Disclaimer

Barak Fund Management will not be liable for any special, indirect, incidental, consequential or punitive damages or any damages whatsoever, whether in an action of contract, statute, delict (including, without limitation, negligence) or otherwise that relate to the use of this website. All information contained in this website pertaining to products and services and their terms and conditions, is subject to change without notice.

Although care has been taken as to what is contained in this website, no attempt has been made to give definitive or exhaustive statements of law or any opinions on specific legal issues and no representation is made or warranty given that the information is complete or accurate. This website does not constitute or offer legal or other advice and you should not rely on it as such advice.

Past performance is no guarantee of future returns and the fact sheets provided are for illustrative purposes only. The value of investments and income that are dependent on the performance of underlying assets or other variable market factors may vary from time to time. Investors must take cognisance of the fact that all the information provided are of historic nature.

Use of the website is entirely at the users own risk. Anyone requiring advice on any of the matters referred to herein should consult lawyers or other professionals familiar with the appropriate jurisdiction and legislation.

This Site contains information from Barak Fund Management and about the investment Funds it advisers. The information contained herein does not constitute a distribution, an offer to sell or the solicitation of an offer to buy. The distribution of information contained on this Site and the sale of shares in the Funds may be subject to legal or regulatory restrictions in certain countries in which users are resident or of which they are citizens.

This Site and its contents are being made available for the convenience of the present Investors of the Funds and such other persons expressly authorized by Barak Fund Management (“Authorized Persons”) for information purposes only, provided such Investors and Authorized Persons are not prohibited by any applicable law of any jurisdiction from receiving such information. Persons accessing this Site are therefore required to inform themselves about and observe such restrictions.

Barak Fund is an authorised financial services provider.

Disclaimer

Barak Fund Management will not be liable for any special, indirect, incidental, consequential or punitive damages or any damages whatsoever, whether in an action of contract, statute, delict (including, without limitation, negligence) or otherwise that relate to the use of this website. All information contained in this website pertaining to products and services and their terms and conditions, is subject to change without notice.

Although care has been taken as to what is contained in this website, no attempt has been made to give definitive or exhaustive statements of law or any opinions on specific legal issues and no representation is made or warranty given that the information is complete or accurate. This website does not constitute or offer legal or other advice and you should not rely on it as such advice.

Past performance is no guarantee of future returns and the fact sheets provided are for illustrative purposes only. The value of investments and income that are dependent on the performance of underlying assets or other variable market factors may vary from time to time. Investors must take cognisance of the fact that all the information provided are of historic nature.

Use of the website is entirely at the users own risk. Anyone requiring advice on any of the matters referred to herein should consult lawyers or other professionals familiar with the appropriate jurisdiction and legislation.

This Site contains information from Barak Fund Management and about the investment Funds it advisers. The information contained herein does not constitute a distribution, an offer to sell or the solicitation of an offer to buy. The distribution of information contained on this Site and the sale of shares in the Funds may be subject to legal or regulatory restrictions in certain countries in which users are resident or of which they are citizens.

This Site and its contents are being made available for the convenience of the present Investors of the Funds and such other persons expressly authorized by Barak Fund Management (“Authorized Persons”) for information purposes only, provided such Investors and Authorized Persons are not prohibited by any applicable law of any jurisdiction from receiving such information. Persons accessing this Site are therefore required to inform themselves about and observe such restrictions.

Barak Fund is an authorised financial services provider.

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Sendou Power Project set to transform power supply in Senegal

Barak and its key public sector partners in the Sendou Project in Senegal. The Government of Senegal and Senelec, the state power company - are pleased to announce that the first power from this key national power asset has been delivered.


Posted: 03 December 2021

Dakar, 3 December 2021 – Barak and its key public sector partners in the Sendou Project in Senegal - the Government of Senegal and Senelec, the state power company - are pleased to announce that the first power from this key national power asset has been delivered. The Sendou power project is one of the key South African investments in Senegal, and will be on the agenda when South African President Cyril Ramaphosa visits Senegal this week.

The generation of first power from Sendou will help transform the energy market in Senegal and is an important step in moving the country away from its current reliance on expensive fuel oil power. Sendou is now the lowest-cost provider of baseload power in Senegal, producing electricity significantly cheaper than the current heavy fuel oil--powered generators in the country. This will create major cost advantages and enhance economic growth and development.

The President of Senegal, Macky Sall, and the national electricity utility - Senelec - had completion of the Sendou project high on their agenda. The development of Sendou has been ongoing since 2007 and has experienced significant obstacles in its journey to supply power. Barak has managed to turn Sendou into an important regional success story by working closely with these partners and the shareholders in the project.

With a generation capacity of 125 MW, Sendou is the largest power plant in Senegal, with millions of dollars invested by a diverse group of funds and Development Finance Institutions to realise its potential.

Barak became a shareholder in Sendou in 2019, when it perfected its security against a loan to one of the shareholders in Sendou. Cayman Islands based investor Barak, through Mauritius based Barak Fund Management Limited, worked closely with the other investors in the project - The Government of Senegal, Senelec and specialist consultants to get the project back on track. A multi-national and multi-cultural team has worked closely to turn the project around, including experts from Senegal, France, the UK, India, Scandinavia and South Africa, and technical professionals who worked for the power utility Eskom. 2

Barak and its partners in the power station are working to comply with the highest sustainability standards by entrenching rigorous Environmental, Governance and Social practices in the project. To meet Senegal’s necessary Energy Transition, analysis is underway for converting the site to be gasfired to further enhance energy security and underpin rapid renewable energy growth in the region.

Papa Madembe Biteye, Director General and Chief Executive Officer of Senelec said that the project was testament to the perseverance and commitment of the parties working on the power station. “Sendou is a critical national asset for Senegal. It shows that by bringing the right mix of skills, capital investment and project management together, we can deliver high value projects that benefit our country and our economy.”

Barak CEO Jean Craven said the project proved that Barak can manage the complexity of turning around infrastructure projects in Africa, and working with multiple parties to realise value. “Barak began life as a private credit fund, but has turned around Sendou after taking over the collateral and stepping in as a shareholder. We have shown that we have the knowledge, perspective and endurance to realise value from even the toughest projects. Against the prevailing market consensus, Barak got an operator on board and turned the project around. We are delighted that the people of Senegal and the investors in the country will see the benefits of affordable baseload power.”

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