Eco Buildings Group (LSE: ECOB.L) has signed a shareholders’ agreement with Dakar-based G2 Invest to develop a 900,000m² 5,000-home modular housing programme in Senegal, with planning approvals targeted before the end of 2025.

In a filing to the London Stock Exchange, the UK-listed modular builder said the framework for a 10,000-home pipeline had progressed from a memorandum of understanding to full execution, establishing a joint-venture company, Eco Buildings Senegal Limited.

Initial factory mobilisation is underway to align with permitting milestones, with an initial €1.75mn ($2.04mn) payment from G2 Invest scheduled for December 2025.

The first phase will comprise approximately 900,000m² of built-up area, equivalent to 5,000 homes, using Eco Buildings’ proprietary modular system. The company said the technology enables rapid and high-quality delivery at scale for both affordable and higher-end housing. Final planning approvals are expected before year-end, positioning the joint venture to begin site works immediately thereafter as the first manufacturing line is deployed.

Eco Buildings described the move from a non-binding memorandum of understanding to a shareholders’ agreement as a key commercial milestone, converting a West African opportunity into an executable order pipeline. Senegal faces a substantial housing deficit, and the joint venture aims to reduce the time from permit to delivery by synchronising factory mobilisation with regulatory approvals.

Executive Vice-Chairman Etrur Albani said the partnership combines Eco Buildings’ modular technology with G2 Invest’s local expertise and government relationships to deliver “speed, scale, and sustainability”.

He added that the first-phase allocation provides “significant revenue pipeline” and a strategic operational base from which Eco Buildings intends to replicate its modular housing model across other West African markets.”