Buchanan Renewables announced at the end of September that it had received approval for a $112 million loan to Liberian subsidiary Buchanan Renewables (Monrovia) Power, Inc. The funding will help build a 50 MW independent biomass power project that will provide electricity from renewable sources to Monrovia and its surrounding areas.
The implications this has are not only for Liberia, but for Africa as a whole as it indicates a growing interests in the continent’s renewable energy potential.
Buchanan Renewables President Joel Strickland spoke with Alternative Energy Africa about the company’s involvement in Liberia and potential future locations.
AEA: First of all, how did Buchanan Renewables engage in Liberia? What research went into it and when did the company decide on Liberia?
JS: In January 2007 I went over to look at a different investment opportunity and met a guy who had been working on this idea. I studied the opportunity, did some analysis and then launched the business on May 1 2007. We offered money and management; there were guys with great on-the-ground experience ready to go.
AEA: What potential does Buchanan see for a country that had an unstable government for so long? What is the potential for the renewables sector?
JS: We see great potential for Liberia and this sector. It is very early days for this market and the demand is going to boom.
AEA: Do you anticipate expanding into any other countries in Africa? If so, which ones?
JS: Yes we do, in the West African region.
AEA: What other projects are you looking to incorporate? Did you model the Liberia plan on any particularly successful projects elsewhere? If so, please explain.
JS: There is a lot of experience with rubberwood in south East Asia so we are going up the learning curve there and grabbing knowledge. Liberia was a very unique situation in that there is this standing resource because of the horrible conflicts.