By Julius Mustapha Harding, Freetown, Sierra Leone. May 9, 2024.

The U.S. International Development Finance Corporation (DFC), in collaboration with Sierra Leone’s Chief Minister, David Moinina Sengeh, has announced a significant investment of up to $412 million. This financing aims to tackle the issue of rolling blackouts and expand Sierra Leone’s power system through renewable energy solutions.

DFC’s approval of a new loan of up to $292 million to the Western Area Power Generation Project, based in Freetown, marks a pivotal moment in Sierra Leone’s journey towards reliable electricity access. This investment will aid in the development and upgrade of the power plant’s infrastructure, fostering consistent power availability across the nation.

Moreover, DFC will provide up to $120 million in political risk insurance to attract private investment, further enhancing the sustainability and scalability of the project. To fortify this financial package, a $40 million loan from the ECOWAS Bank for Investment and Development (EBID) underscores the collaborative effort towards energy transformation in Sierra Leone.

Nisha Biswal, DFC’s Deputy Chief Executive Officer, expressed pride in supporting Sierra Leone’s pursuit of a sustainable energy future. She emphasized the significance of this investment in laying the groundwork for reliable and affordable electricity, a cornerstone of economic development.

The project is spearheaded by Milele Energy and TCQ Power, with Shapoorji Pallonji slated to construct the utility-scale power project. Siemens Energy will provide essential equipment and long-term servicing, ensuring the project’s efficiency and longevity.