By Bellah Conte
Several companies have joined forces to co-invest over US$52 million in Planet Solar, a groundbreaking 50MW solar power project in Sierra Leone.
These companies include the British International Investment (BII), FMO Dutch entrepreneurial development bank, Proparco, and Frontier Energy.
This greenfield initiative, developed by Frontier Energy and Planet One, marks Sierra Leone’s inaugural large-scale grid-connected solar Independent Power Producer (IPP). The investment addresses the critical need for clean, affordable, and stable power in a nation where only 23% of the population currently has access to electricity.
The investment is expected to significantly boost Sierra Leone’s domestic electricity supply by approximately 30%, benefitting commercial and industrial entities, public institutions, and households connected to the main energy grid.
Additionally, Planet Solar aims to reduce Sierra Leone’s heavy reliance on fossil fuels, potentially preventing an estimated 53,000 tonnes of CO2 emissions annually.
Despite abundant renewable energy potential in hydropower, wind, and solar, Sierra Leone currently relies on fossil fuels for up to 80% of its electricity generation. The project aligns with the Africa Resilience Investment Accelerator initiative, spearheaded by BII and FMO, with the goal of unlocking investment opportunities and mobilizing commercial capital in African frontier markets.
This commitment also aligns with key UN Sustainable Development Goals, particularly Affordable and Clean Energy (SDG 7), Decent Work and Economic Growth (SDG 8), and Climate Action (SDG 13).
Chris Chijiutomi, Managing Director and Head of Africa at BII, underscored their dedication to climate finance, emphasizing progress toward achieving net-zero emissions by 2050. “We look forward to the transformational potential of this project as a beacon to unlock more long-term capital to advance the country’s energy sector and support a more sustainable future,” he said.
Jaap Reinking, Head of the Private Equity department at FMO, highlighted the project’s role in propelling inclusive, sustainable, and resilient economic recovery and growth.
Tibor Asboth, Deputy Head of Private Equity Africa & Middle East division at Proparco, stressed the significance of increasing Sierra Leone’s installed electricity capacity by 30% and supporting electrical infrastructure development.
Lars Tejlgaard Jensen, Investment Director and Partner at Frontier Energy, acknowledges the project’s contribution to providing stable, clean, and reasonably priced power. This will benefit urban and rural consumers, as well as commercial and industrial entities.
The co-investment in Planet Solar represents a transformative step in Sierra Leone’s energy sector. Beyond fostering economic growth and reducing carbon emissions, it stands as a guiding light for future long-term capital investments. The collaborative efforts of major development finance institutions showcase a commitment to advancing sustainable energy solutions and supporting Sierra Leone’s development goals.
