Release by Scatec Powers Up Renewable Energy in West Africa
Great news for the renewable energy landscape in West Africa! Release by Scatec has made strides towards a greener future by signing new lease agreements for solar and battery energy systems in Liberia and Sierra Leone. This significant project boasts a combined total of 64 MW of solar power alongside 10 MWh of battery storage capacity. These developments aim to bring reliable, clean energy to communities and businesses, enhancing national development goals in areas where access to the electric grid is still limited.
In a revealing statement, Hans Olav Kvalvaag, CEO of Release, proudly declared, “These agreements represent a major step forward in our mission to accelerate the green energy transition in Sub-Saharan Africa by facilitating access to reliable, clean, and affordable energy derived from local renewable resources.” This initiative is pivotal as it aligns with the growing global emphasis on sustainability and climate resilience.
Notably, this ambitious endeavor has garnered the support of the World Bank’s International Finance Corporation (IFC) through a USD 100 million loan and a USD 65 million guarantee facility that was put in place in 2023. This partnership significantly reduces financial risks for Release and empowers them to provide affordable and clean energy solutions to African utilities, paving the way for hassle-free renewable energy adoption.
In Liberia, the accomplishment includes a 15-year lease agreement with the Liberia Electricity Corporation (LEC) for a 24 MW solar plant combined with a 10 MWh battery energy storage system located in Duazon, close to Monrovia. Meanwhile, in Sierra Leone, Release has secured a 40 MW solar project through a lease agreement with the Electricity Generation and Transmission Company (EGTC) and the Ministry of Energy, marking a transformative step in the country’s energy supply.
Moreover, these projects will showcase Release’s new solar panel mounting structure engineered by its dedicated team in South Africa, illustrating not only a technological innovation but also a significant milestone for the company.
Release is jointly supported by Scatec (holding 68% ownership) and Climate Fund Managers (CFM) (32%), through the EU-backed Climate Investor One Fund, which is focused on fostering renewable energy infrastructure in emerging markets.
As Africa continues to embrace sustainable energy solutions, initiatives like these highlight the continent’s commitment to harnessing its rich renewable resources for a brighter, greener future.
Stay tuned for more updates as we follow the development of green energy projects across Africa. For more insights and engaging news, visit Africazine!
Tags: #Liberia #SierraLeone #RenewableEnergy #GreenEnergy #Sustainability #WorldNews
