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Addressing the urgent need for clean, affordable and reliable energy in Sierra Leone

Project

Climate
Planet Solar_Koidu-Proparco
DR
Signature date
Location
Sierra Leone
Financing tool
Equity investment
Financing details
USD 5m Equity Investment
Customer
FE II Delta 1 K/S
Type of customer
Company
Country of headquarters
Denmark
Project number
PSL1007
Environmental and social ranking
B+
Climate co-benefits
Project with climate co-benefits
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This information is given at the time of signature, without prejudice to any developments in the operation/project.

Development Finance Institutions, British International Investment (BII), FMO and Proparco, along with Frontier Energy, a manager specialized in renewable energies, have invested more than USD 52m in Planet Solar, a new project for solar power plants with a total capacity of 50 MW in Sierra Leone, developed by Frontier Energy and Planet One.

Client presentation

Planet Solar is a project company that develops and operates solar projects in Sierra Leone.

Project description

Alongside other investors, Proparco has invested USD 5m in Planet Solar. The company will develop and operate five solar power plants in different areas of Sierra Leone, with a total capacity of 50 MW. 

This project will stimulate investment in renewable energies, in a country with an urgent need for access to electricity (only 23% of the population has access to it). This project is expected to increase the electricity supply in the country by about 30%, by channeling it to commercial and industrial entities, public institutions and households connected to the energy grid.

Project impact

The expected impacts of this project are as follows: 

  •  New or improved access to a source of renewable electricity for 700,000 people
  •  Support for more than 2,000 jobs at Planet Solar over the next five years (direct jobs) and in the value chain (indirect jobs)
  •  Contribution to avoided emissions of 36,000 tCO2eq per year

The project should thereby contribute to SDG 7 (Affordable and clean energy), SDG 8 (Decent work and economic growth), and SDG 13 (Climate action).