A group of banks have recently announced a joint investment of $52 million to support the development of a 50 MW solar project in Sierra Leone called Planet Solar, led by Frontier Energy and Planet One Group.
December 8, 2023 Angela Skujins
Image: aboodi vesakaran, Unsplash
British International Investment, FMO, and Proparco, financed by the UK government, the Dutch development bank, and the French finance development agency, respectively, announced that they have collectively invested $52 million in a 50 MW solar project in Sierra Leone.
The energy company Planet One Group, based in Dubai, announced in 2018 the commencement of construction on the project, Planet Solar, and the signing of a 25-year power purchase agreement (PPA) with Sierra Leone’s Ministry of Finance and Economic Development and Ministry of Energy.
In 2022, Frontier Energy, a California-based energy company, declared its majority ownership of Planet Solar, located in four areas – Kenema, Port Loko, Makoth, and Kono.
According to Proparco Deputy Head of Private Equity Africa and Middle East, Tibor Asboth, the project is expected to increase the installed electricity capacity of the West African country by 30%. Proparco stated in a press release that Planet Solar will be the first large-scale grid-connected solar Independent Power Producer (IPP) in the country.
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On its website, Frontier Energy explains that the generated power will be supplied to the government-owned energy, Electricity Distribution and Supply Authority (EDSA).
At the end of last year, Sierra Leone had 9 MW of installed solar capacity, more than double its recorded capacity from 2021, according to the International Renewable Energy Agency.
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