This greenfield 50MW solar power project, developed by Frontier Energy and Planet One, will be the country’s first large-scale grid-connected solar Independent Power Producer (IPP).
The investment underscores the country’s commitment to diversifying its energy mix and addressing the urgent need for clean, affordable, and stable power.
Only 23% of Sierra Leone’s population has access to electricity, and a staggering 80% of the country’s electricity is generated from fossil fuels.
“This project is a critical step towards unlocking Sierra Leone’s abundant renewable energy potential and accelerating progress towards net-zero emissions,” said Chris Chijiutomi, Managing Director and Head of Africa at BII
“By supporting Planet Solar, we are not only providing clean energy to underserved regions but also laying the foundation for a more sustainable future.”
The 50MW solar capacity is expected to increase the operational domestic electricity supply by approximately 30%, benefitting commercial and industrial entities, public institutions, and households connected to the main grid.
This will bring much-needed power to communities in Freetown, the Western Area, and beyond.
The Planet Solar project aligns with the United Nations’ Sustainable Development Goals (SDGs) for Affordable and Clean Energy (SDG 7), Decent Work and Economic Growth (SDG 8), and Climate Action (SDG 13).
It is also supported by the Africa Resilience Investment Accelerator initiative, co-led by BII and FMO, which aims to unlock investment opportunities and mobilize commercial capital in frontier markets across Africa.
Innovate Africa, a newly established angel investment fund, has begun operations with an initial commitment of $2.5 million.
FSDAi Nyala Facility BV, a venture established by FSD Africa Investments, has announced a US$1 million investment in First Circle Capital Africa Fund I.
Women-focused investment fund, Wic Capital, has secured a $1 million loan from a prominent UK investor, FSDAi Nyala Facility.
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