Three Development Finance Institutions and a renewable fund manager have announced a co-investment of more than US$52 million for Planet Solar, a greenfield 50MW solar project in Sierra Leone.
Planet Solar will be the first large-scale grid-connected solar Independent Power Producer (IPP) project, driving a diversified approach to addressing energy access in the west African country.
The 50MW solar capacity is expected to avoid 53,000 tonnes of annual CO2 emission.
The renewable energy potential in Sierra Leone is abundant, primarily in hydropower, wind and solar resources. However, it remains underutilized with up to 80 percent of the country’s electricity generated from fossil fuel.
The co-investment enables the development of a critical project that stimulates investment in renewable energy – responding to the urgent need for access to clean, affordable and stable energy.
Commenting on the transaction, Chris Chijiutomi, Managing Director and Head of Africa at BII, said, “We are delighted to help bring clean and reliable energy to underserved regions in Sierra Leone…. We look forward to the transformational potential of this project as a beacon to unlock more long-term capital to advance the country’s energy sector and support a more sustainable future.”
British International Investment, FMO, Proparco and renewable fund manager Frontier Energy expressed their excitement about increasing the country’s installed electricity capacity and underpinning Sierra Leone’s development of electricity infrastructure. Source: Sierra Leone: $52m for large-scale grid-connected solar power IPP (esi-africa.com)