BII, FMO, Proparco, and Frontier Energy have collectively invested $52 million in Planet Solar in Sierra Leone for its large-scale grid-connected solar Independent Power Producer (IPP), marking a pivotal step towards sustainable development and clean energy.
This 50MW solar project aims to boost the country’s domestic electricity supply by approximately 30%, reducing reliance on fossil fuels and decarbonizing Sierra Leone’s power sector.
Given that only 23% of Sierra Leone’s population currently has access to electricity, this initiative not only addresses energy access but also aligns with global efforts to combat climate change. With an estimated annual reduction of 53,000 tonnes of CO2 emissions, Planet Solar supports climate finance goals and contributes to Sierra Leone’s development.
This co-investment by prominent players in the development finance sector signifies a collaborative effort to drive significant change in renewable energy. Chris Chijiutomi, Managing Director and Head of Africa at BII, emphasizes the project’s transformative potential, attracting long-term capital to advance the country’s energy sector.
Jaap Reinking, Head of the Private Equity department at FMO, underscores the role of energy access as a key driver for inclusive, sustainable, and resilient economic recovery and growth. Proparco’s Tibor Asboth highlights the alignment of this investment with their climate change mitigation strategy in Africa, contributing to Sierra Leone’s installed electricity capacity.
Despite challenging conditions in Sierra Leone, Lars Tejlgaard Jensen, Investment Director and Partner at Frontier Energy acknowledges the successful delivery of the 50MW solar project. He emphasizes the project’s broad benefits for urban and rural consumers, as well as commercial and industrial entities, fostering robust economic growth.
Sierra Leone, a priority country in the Africa Resilience Investment Accelerator initiative, stands to gain increased investment opportunities and mobilized commercial capital. This commitment aligns with the United Nations’ Sustainable Development Goals, particularly focusing on Affordable and Clean Energy (SDG 7), Decent Work and Economic Growth (SDG 8), and Climate Action (SDG 13).
The co-investment in Planet Solar marks a landmark achievement in Sierra Leone’s journey towards sustainable and clean energy. With key development finance institutions and renewable energy experts supporting this initiative, the project not only addresses immediate energy access challenges but also sets a precedent for future investments in the country’s renewable energy sector. As Sierra Leone moves towards a greener and more sustainable future, Planet Solar emerges as a beacon of progress and collaboration in the global fight against climate change
