Trio of DFIs to co-invest in 50-MW solar project in Sierra Leone

Development finance institutions British International Investment (BII), FMO and Proparco, as well as renewable fund manager Frontier Energy, will co-invest USD 52 million (EUR 47.9m) in a 50-MW solar power project in Sierra Leone, Proparco said on Tuesday.

The solar project, called Planet Solar, is being developed by Frontier Energy and Dubai-based diversified group Planet One. When completed, the facility is expected to save 53,000 tonnes of carbon dioxide emissions annually.

The electricity to be produced will be channelled to commercial and industrial entities, public institutions, and households connected to the main energy grid. Overall, the facility is expected to raise the operational electricity supply in Sierra Leone by about 30%.

According to the statement, only 23% of the population of the country currently has access to electricity.

Sierra Leone is one of the priority countries of the Africa Resilience Investment Accelerator initiative, through which development finance institutions join forces to unlock investment opportunities in transition states in Africa. The initiative is co-led by BII and Dutch development bank FMO. Proparco, which is part of Paris-based Agence Francaise de Developpement (AFD), is a member along with other finance institutions.

Frontier Energy develops and invests in renewable energy in Africa, through two investment funds registered in Denmark. The funds are managed by Frontier Investment Management, a Danish company with offices in Copenhagen and Nairobi, Kenya.

(USD 1 = EUR 0.92)

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