Zurich, London, Nairobi, 13 March, 2018 — A responsAbility-managed energy company focusing on Sub-Sahara Africa and Africa Growth and Energy Solutions (AGES) have signed an agreement to co-develop a 25 MW solar PV project in Sierra Leone’s Bo District. The project is to be built in two phases, with construction on a 5 MW plant intended to start in 2018.
With a population of 7.4 million, Sierra Leone is one of the poorest and least developed countries in the world. This is reflected in local electrification rates; at the end of 2016, only 12.5% of the urban and 2% of the rural population had access to electricity.
The Sierra Leone government is committed to improving energy access for the population. To reach its ambitious energy targets it aims to create market incentives for the deployment of efficient renewable energy solutions for remote and off-grid areas driven by the private sector. The current project will add roughly 15% to Sierra Leone’s current total electricity generation capacity.
The responsAbility-managed energy company intends to provide the development and construction equity finance to fast-track the implementation of the first 5MW phase of the project, under the agreement with AGES, in support of the Government of Sierra Leone and the Electricity Distribution and Supply Authority’s electrification agenda.
The site for the first 5 MW plant is located 300 km east of the capital Freetown in Sierra Leone’s Bo District, between Bo and Kenema. Under a Power Purchase Agreement and Implementation Agreement ratified by Parliament, the produced electricity will be fed into the Bo-Kenema transmission mini-grid, which is being upgraded. An Environmental and Social Impact Assessment of the project prepared by local consultants has been submitted to the Sierra Leone Environmental Protection Agency for approval.
Speaking on behalf of responsAbility, Joseph Nganga, Executive Director of the responsAbility-managed renewable energy company for Africa, explained: “In the seriously underserved Sierra Leon electricity market, this project represents a real opportunity to make a transformational development impact. By working with AGES, experienced developers with an in-depth understanding of the local energy market, we ensure that new segments of the population gain access to electricity, a basic pre-requisite for development.”
Albert Smith, Development Director of Africa Growth and Energy Solutions, further underlined: “West Africa has amongst the highest solar radiation in the world and Bo is well positioned on the country solar map. We are pleased to team up with the responsAbility-managed energy company to implement this exciting new development.”
Africa Growth and Energy Solutions UK Plc (AGES) Albert Smith, Director International Business Development (+44) 0207 993 0101 firstname.lastname@example.org
Stacy Fiehler responsAbility Investments AG +41 44 403 06 86 stacy.fiehler@responsAbility.com
About Africa Growth and Energy Solutions UK Plc (agesplc.com) UK-bases Africa Growth and Energy Solutions UK Plc (AGES) focuses on developing and delivering renewable energy projects in Sub-Saharan Africa. AGES collaborates with local and international stakeholders to develop projects with the aim of combining power with sustainable development programmes that will enrich and transform local communities. The company has local offices in Freetown, Sierra Leone, and Douala, Cameroon.
About responsAbility Investments AG (responsAbility.com) responsAbility Investments AG is a leading asset manager in the field of development investments that offers professionally managed investment solutions to private, institutional and public investors. The company supplies debt and equity financing to firms in emerging economies and developing countries. responsAbility currently has USD 3.3 billion of assets under management invested in 540 companies in 90 countries.
The responsAbility-managed energy company for Africa, funded through KfW on behalf of the German Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety, Norfund and Nordic Development Fund, aims to increase the renewable energy supply in sub-Saharan Africa at reasonable tariffs. The company invests in and co-develops small and medium sized renewable energy projects up to 50 MW at various stages of the project life cycle with particular focus on the development stage.
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