IFC to fund 50-MW solar project in Sierra Leone

The International Finance Corp (IFC) will provide USD 40 million (EUR 34.6m) for the construction of a 50-MW solar park in Sierra Leone that will supply electricity at a cost of less than USD 0.08/kWh.

A financing agreement was signed this weekend by the IFC, a member of the World Bank Group, and the government of Sierra Leone. The capacity is scheduled to be put on stream in between 18 months and 24 months.

Discussions for the project were first initiated in May this year during the African Development Bank’s annual meeting in South Korea. Sierra Leone’s finance minister, Jacob Jussu Saffa, then stressed on the need to provide affordable, reliable and clean energy to the West African country’s population.

At present, only 12% of the households in Sierra Leone have access to electricity. Official statistics show that the power sector in the country is very small, with less than 150 MW of capacity in operation.

(USD 1.0 = EUR 0.865)

Choose your newsletter by Renewables Now. Join for free!