Cygnum Capital Anchors $52M Debut Green Bond for Senegal’s Swami Agri

LONDON & DAKAR — The African Local Currency Bond Fund (ALCB Fund), managed by Cygnum Capital, has invested XOF 4 billion (~$7.0 million) as an anchor investor in the XOF 30 billion (~$52.2 million) inaugural green bond issued by Senegalese agricultural giant Swami Agri.

The five-year, local-currency bond represents the first agricultural green bond issued in the UEMOA region and sets a precedent for corporate issuers leveraging regional capital markets for climate and agricultural infrastructure. Arranged and led by IMPAXIS Securities, the transaction is credit-enhanced by a 100% first-demand guarantee covering principal and interest from the African Guarantee and Economic Cooperation Fund (FAGACE).

Infrastructure Use of Proceeds & Impact Metrics

Proceeds from the green bond will directly fund the rollout of commercial solar power assets and cold-storage infrastructure to support Senegal's national food security objectives:

• Capacity Additions: Adds 62,500 tonnes of solar-powered cold-storage capacity and installs 16.7 MW of captive solar generation across Swami Agri’s farm and distribution network.
• Loss & CO₂ Reductions: Targets a 50%+ reduction in post-harvest crop losses, a 20% to 30% cut in CO₂ emissions, and transitions 70% to 90% of operational energy to renewable sources.
• Socio-Economic Impact: Supports Senegal’s transition toward domestic self-sufficiency in core staples (potatoes and onions) while creating at least 700 direct jobs.

Executive Statements

“For the ALCB Fund, the strength of this transaction lies in the combination of a first-time corporate issuer, a clear use of proceeds, and the first agricultural green bond in the UEMOA market. The bond will add 62,500 tonnes of solar-powered cold-storage capacity and 16.7 MW of solar generation, helping reduce post-harvest losses and giving the agricultural value chain more capacity to store and market produce,” said Fola Pedro, Transaction Lead at the ALCB Fund.

“This issuance allows Swami Agri to finance its next phase of growth with longer-term local currency funding. The new solar plants and increased cold-storage capacity will reduce our emissions and our post-harvest losses, and take Senegal closer to self-sufficiency in potatoes and onions,” added Hitesh Gorasia, Chief Executive Officer and Managing Director of Swami Agri.

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