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Tuesday, June 18, 2024

Sierra Leone: DFC, Sierra Leone Promote Entry to Dependable Power With As much as $412 Million in Further Financing and Political Threat Insurance coverage

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DALLAS, TEXAS — The U.S. Worldwide Growth Finance Company’s (DFC) Deputy Chief Government Officer (DCEO) Nisha Biswal and Chief Minister of Sierra Leone David Moinina Sengeh right this moment introduced as much as $412 million in financing and political danger insurance coverage in assist of the nation’s plans to deal with rolling blackouts and broaden its energy system by way of renewable power options sooner or later.

DFC accredited a brand new mortgage of as much as $292 million to the Freetown-based Western Space Energy Era Mission to assist develop and improve the facility plant’s infrastructure, selling dependable entry to energy all through Sierra Leone. DFC can even present as much as $120 million in political danger insurance coverage to crowd-in non-public funding. The financing package deal is bolstered by a $40 million mortgage from ECOWAS Financial institution for Funding and Growth (EBID).

“Sierra Leone’s imaginative and prescient for a sustainable power future is turning into a actuality,” stated DCEO Biswal. “DFC is proud to assist the nation’s first, massive, utility-scale, impartial energy venture and lay the muse for dependable and inexpensive electrical energy in Sierra Leone.”

Mission sponsors Milele Power and TCQ Energy are creating the venture – the primary utility-scale, impartial energy venture in Sierra Leone, which will probably be constructed by Shapoorji Pallonji with gasoline and steam turbine gear in addition to long-term servicing, and operation and upkeep from Siemens Power. The venture will turn out to be Sierra Leone’s principal supply of energy era upon completion.

The Chief Minister of the Authorities of Sierra Leone stated, “The Authorities of Sierra Leone is dedicated to offering dependable, clear, inexpensive, and sustainable power options to assist our nationwide improvement efforts. We’re comfortable to take action through progressive private and non-private sector packages like this one which prioritize affect. We’ll present all of the requisite assist for this partnership.”

U.S. Ambassador to Sierra Leone Bryan David Hunt stated, “The Western Space Energy Era Mission is poised to revolutionize Sierra Leone’s power panorama, bringing alternative to communities throughout the nation. Its affect will probably be profound, fueling progress, prosperity, and a brighter future for all Sierra Leoneans. The USA is proud to assist this non-public sector initiative.”

“The unwavering dedication proven by DFC and EBID to make sure that this transformational venture is realized will enhance the lives of tens of millions of Sierra Leoneans,” stated Milele Power CEO Erik Granskog. “Milele Power is devoted to unlocking a few of Africa’s most important power tasks and we applaud the Authorities of Sierra Leone to conclude this venture that can decrease value, enhance reliability, and permit for the growth of commercial demand.”

“We’re immensely grateful for this assist from DFC and EBID that permits this subsequent stage of improvement. It demonstrates their perception in, and dedication to, the folks of Sierra Leone,” stated TCQ Energy Restricted CEO Karim Nasser. “We additionally lengthen our profound gratitude to His Excellency President Maada Bio for his steadfast assist over time. We’re dedicated to delivering this sustainable energy answer to the folks of Sierra Leone and look ahead to executing on the following steps and building.”


About DFC:

The U.S. Worldwide Growth Finance Company (DFC) companions with the non-public sector to finance options to probably the most important challenges going through the creating world right this moment. We make investments throughout sectors together with power, healthcare, infrastructure, agriculture, and small enterprise and monetary companies. DFC investments adhere to excessive requirements and respect the surroundings, human rights, and employee rights.   

About Milele Power:

Milele Power, based by a crew of former GE Africa executives, is a Nairobi-based impartial power-generation firm throughout Sub-Saharan Africa. Milele develops, owns, and operates power-generation services leveraging each renewable and clear gasoline applied sciences. Backed by Gemcorp Capital, Milele’s investments are poised to positively empower lives and communities in Africa. Gemcorp Capital Administration Restricted is an impartial funding administration agency targeted on rising markets and has facilitated over $7 billion value of investments in private and non-private credit score and fairness transactions since inception. Milele Power is Powering Africa’s Brilliant Future.