Development finance institutions, British International Investment (BII), FMO, Proparco, and renewable fund manager Frontier Energy announced a co-investment of over $52 million for Planet Solar, a greenfield 50MW solar power project in Sierra Leone, developed by Frontier Energy and Planet One.
Driving a diversified approach to addressing energy access in the country, Planet Solar will be the first large-scale grid-connected solar Independent Power Producer (IPP). The 50MW solar capacity is expected to help avoid 53,000 tonnes of annual CO2 emissions.
Currently only 23 percent of the population in Sierra Leone have access to electricity. This project will increase the operational domestic electricity supply by c. 30 percent in Sierra Leone, channeling it to commercial and industrial entities, public institutions, and households connected to the main energy- grid. This enables more power to flow to industries and communities in Freetown, Sierra Leone’s commercial capital, the Western Area, and beyond including four sites throughout the country.
Sierra Leone is one of the priority countries of the Africa Resilience Investment Accelerator initiative co-led by BII and FMO, with Proparco and other DFIs as members. The initiative aims to unlock investment opportunities and mobilize commercial capital in frontier markets in Africa