The Bumbuna hydroelectric dam, valued at over $200 million, is now supplying power to parts of Sierra Leone after a 30-year construction period. The capital Freetown met the power generation as the final test had been carried out at the Kingtom power station this month.
Sierra Leone’s civil war lasted from 1991 to 2002 during which many investors headed to other more stable countries. In addition, the country’s ranking as one of the most corrupt nations coming in at 158 out of 180, did not serve to bolster investor confidence amid civil disrest during the period, explaining why the project took so long to come to fruition.
Following the country’s recent large petroleum discovery, incorporating renewable energy into the energy mix would ideally make the crude and/or gas available for future export, in turn generating more revenue for the UN-dubbed “least developed nation in the world.”
A consortium led by U.S.-listed Anadarko Petroleum Corp made the hydrocarbon discovery with the Venus-B1 well off the coast of Sierra Leone. “With this discovery a whole new cadre of exploration interest along the Northwest Bend (Senegal to Benin) is sure to take place,” says Dianne Sutherland, Publisher of Petroleum Africa magazine. “Already the neighboring Liberian government is seeing increased interest in its recently announced bid round. Combine this frontier discovery with the massive strikes offshore Ghana and portfolio development managers worldwide start literally dreaming of the billions of barrels of potential up the coast,” Sutherland added.
So while oil may initially secure the eyes of investors, renewable energy companies might also start taking notice.
Such unaccustomed economic interest in Sierra Leone suggests real progress for a country where levels of investment as a percentage of GDP remain far below the Sub-Saharan Africa average of 25%, according to the UN.
"The new government is gaining traction dealing with long-term problems like energy and transport," British High Commissioner Ian Hughes, whose country gives 50 million pounds ($80 million) in aid a year to its former colony, told Reuters.