The U.S. International Development Finance Corporation (DFC), in collaboration with Sierra Leone’s Chief Minister, David Moinina Sengeh, has announced a significant investment of up to $412 million. This financing aims to tackle the issue of rolling blackouts and expand Sierra Leone’s power system through renewable energy solutions.
DFC’s approval of a new loan of up to $292 million to the Western Area Power Generation Project, based in Freetown, marks a pivotal moment in Sierra Leone’s journey towards reliable electricity access. This investment will aid in the development and upgrade of the power plant’s infrastructure, fostering consistent power availability across the nation.
Moreover, DFC will provide up to $120 million in political risk insurance to attract private investment, further enhancing the sustainability and scalability of the project. To fortify this financial package, a $40 million loan from the ECOWAS Bank for Investment and Development (EBID) underscores the collaborative effort towards energy transformation in Sierra Leone.
Nisha Biswal, DFC’s Deputy Chief Executive Officer, expressed pride in supporting Sierra Leone’s pursuit of a sustainable energy future. She emphasized the significance of this investment in laying the groundwork for reliable and affordable electricity, a cornerstone of economic development.
The project is spearheaded by Milele Energy and TCQ Power, with Shapoorji Pallonji slated to construct the utility-scale power project. Siemens Energy will provide essential equipment and long-term servicing, ensuring the project’s efficiency and longevity.
Sierra Leone’s Chief Minister highlighted the government’s commitment to providing clean, affordable, and sustainable energy solutions to propel national development. He lauded the partnership between the public and private sectors, underscoring its potential for impactful change.
U.S. Ambassador to Sierra Leone, Bryan David Hunt, hailed the Western Area Power Generation Project as a catalyst for revolutionizing the nation’s energy landscape. He emphasized its transformative potential, promising progress, prosperity, and a brighter future for all Sierra Leoneans.
Milele Energy CEO, Erik Granskog, expressed gratitude for the unwavering support from DFC and EBID, highlighting the project’s potential to enhance the lives of millions. He underscored Milele Energy’s commitment to unlocking critical energy projects across Africa, applauding Sierra Leone’s government for prioritizing impact-driven initiatives.
TCQ Power Limited CEO, Karim Nasser, echoed this sentiment, expressing immense gratitude for the support that enables the project’s advancement. He emphasized the dedication to delivering sustainable power solutions and acknowledged President Maada Bio’s steadfast support.
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