Three Development Finance Institutions and a renewable fund manager have announced a co-investment of more than $52 million for Planet Solar, a greenfield 50MW solar power project in Sierra Leone.

Planet Solar will be the first large-scale grid-connected solar Independent Power Producer (IPP) project, driving a diversified approach to addressing energy access in the West African country. The 50MW solar capacity is expected to help avoid 53,000 tonnes of annual CO₂ emissions.

The renewable energy potential in Sierra Leone is abundant, primarily in hydropower, wind and solar resources. However, it remains underutilised with up to 80% of the country’s electricity generated from fossil fuels.

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.

Increasing electricity supply by 30%

Currently, only 23% of the population in Sierra Leone has access to electricity. This project will increase the operational domestic electricity supply by 30% 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.

Commenting on the transaction, Chris Chijiutomi, Managing Director and Head of Africa at BII, said: “We are delighted to help bring clean and reliable energy to underserved regions in Sierra Leone … We look forward to the transformational potential of this project as a beacon to unlock more long-term capital to advance the country’s energy sector and support a more sustainable future.”

“Access to energy is a key enabler and driver of inclusive, sustainable, and resilient economic recovery and growth. We are therefore thrilled to support Planet Solar, the first large-scale grid-connected solar Independent Power Producer in Sierra Leone,” says Jaap Reinking, head of the Private Equity department at FMO.

Project to benefit consumers and producers

British International Investment, FMO, Proparco and renewable fund manager Frontier Energy expressed their excitement about increasing the country’s installed electricity capacity and underpinning Sierra Leone’s development of electrical infrastructure.

Commenting on the transaction, Lars Tejlgaard Jensen, Investment Director and Partner, Frontier Energy stated: “The project will benefit urban and rural consumers as well as commercial and industrial entities, thereby fostering robust growth in economic activities across several regions.”

Sierra Leone is one of the priority countries of the Africa Resilience Investment Accelerator initiative co-led by BII and FMO, with Proparco and other DFIs as members. The initiative aims to unlock investment opportunities and mobilise commercial capital in frontier markets in Africa.

The commitment contributes to United Nations’ Sustainable Development Goals (SDGs) Affordable and Clean Energy (SDG7); Decent Work and Economic Growth (SDG8) and Climate Action (SDG13).