SIERRA LEONE: Proparco, BII and FMO and Frontier finance $52 million for 4 solar parks
On the sidelines of the 28th United Nations Climate Conference of the Parties (COP28) which ends this Tuesday, December 12, 2023 in Dubai, four investment companies announce funding of $52 million for four photovoltaic solar power plants in Sierra Leone.
Sierra Leone's installed solar capacity could increase over the coming years. This is in any case the goal of Planet One, which has partnered with Frontier Energy for the development of an installed capacity of 50 MW in this West African country. On the sidelines of COP28 which ends this Tuesday, December 12, 2023 in Dubai, several international financial institutions have decided to finance the project to the tune of $52 million.
In addition to Frontier Energy, the funds will be mobilized by the Dutch Development Finance Corporation (FMO), British International Investment (BII), and by Proparco, the subsidiary of the French Development Agency (AFD) group in charge of financing of the private sector. “The 50 MW solar project in Sierra Leone is a testament to the development and execution capabilities of Frontier and Planet One. Despite difficult conditions, we have kept our shared commitment to provide stable, clean and reasonably priced electricity,” explains Lars Tejlgaard Jensen, Investment Director and Partner at Frontier Energy.
The construction of four photovoltaic solar power plants
According to him, the project will benefit urban and rural consumers, “as well as commercial and industrial entities, thus promoting solid growth of economic activities in several regions” . Currently, almost 80% of the Sierra Leonean population does not yet have access to electricity. According to Proparco, the development of an installed capacity of 50 MW will increase domestic electricity supply by 30% in this West African country.
The project is being developed on four sites. With a capacity of 25 MWp, the largest solar power plant will be built in Makoth and will be connected to the 161 kV Freetown/Bambuna transmission line with the aim of supplying electricity to the capital Freetown. The BO/Kenema (12 MW), Kono (10 MW) and Port Loko (4.5 MW) solar power plants will directly supply electricity to the Bo, Port Loko and Koidu areas.
The electricity produced will be sold to Electricity Distribution and Supply Authority (EDSA), which provides public service in Sierra Leone. The country's installed electricity capacity per capita is one of the lowest in the world, with around 105 MW available for a population of more than 7 million in 2018. According to a report by the United Nations Development Program (UNDP ), electricity consumption in the country is dominated by biomass, which represents around 80% of the energy used. The main source of energy from biomass is firewood, followed by charcoal.
