BII (formerly CDC), FMO, and Proparco invest USD 52 mn in the group's solar SPV

Development Finance Institutions, British International Investment ("BII"), FMO, and Proparco, and renewable fund manager Frontier Energy today announced a co-investment of over $52 million for Planet Solar, a greenfield 50MW solar power project in Sierra Leone, developed by Frontier Energy and Planet One. The co-investment enables the development of a critical project that stimulates investment in renewable energy - responding to the urgent need for access to clean, affordable and stable power. The renewable energy potential in Sierra Leone is abundant, primarily in hydropower, wind and solar resources. However, it remains underutilised while up to 80 per cent of the country's electricity is generated from fossil fuels. Driving a diversified approach to addressing energy access in the country, Planet Solar will be the first large-scale grid-connected solar Independent Power Producer (IPP). The 50MW solar capacity is expected to help avoid 53,000 tonnes of annual CO2 emissions. Currently only 23 per cent of the population in Sierra Leone have access to electricity. This project will increase the operational domestic electricity supply by c. 30 per cent in Sierra Leone, channelling it to commercial and industrial entities, public institutions, and households connected to the main energy- grid. This enables more power to flow to industries and communities in Freetown, Sierra Leone's commercial capital, the Western Area, and beyond including four sites throughout the country.