African renewable energy company Infinity Power has reportedly signed a memorandum of understanding (MOU) with the government of Sierra Leone to develop 1GW of renewable energy projects in the country.
Infinity Power –a joint venture (JV) between Emirati state-owned renewable energy company Masdar and Egyptian energy firm Infinity – will seek opportunities to develop solar PV, floating solar, wind, battery storage and hydro projects. It will look to deploy 1GW of new renewable energy capacity in Sierra Leone by 2033.
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According to industry reporting, the company will work with the Sierra Leone government to establish power purchase agreements (PPAs) with the Electricity Distribution and Supply Authority (EDSA) as well as conducting feasibility studies and securing permits.
PV Tech has reached out to Infinity Power for confirmation and clarification on this story.
One of Infinity Power’s parent companies, Masdar, announced a US$1 billion green bond financial raise this week. It said that the money would support its global clean energy project expansion plans as it looks to reach 100GW of deployed capacity by the end of the decade. Notably, Masdar said that its funding request was oversubscribed by around four times, which indicates strong interest in its prospects.
Masdar is owned by the Emirati state and chaired by Ahmed Al-Jaber, who is also head of the Abu Dhabi National Oil Company (ADNOC).
Across Africa, including in Sierra Leone, the solar PV industry is beginning to gain momentum. The continent is in the process of greater electrification and increased power demand, which solar PV is likely to play a leading role in facilitating. As reported in a deep dive into the continent’s prospects by PV Tech Premium, the International Energy Agency (IEA) has forecast that Africa’s energy demand is likely to increase by a third between 2020 and 2030.
So far, the majority of solar capacity has been deployed in South Africa and northeastern countries like Egypt.
In February 2023, the World Bank began operations under its Regional Emergency Solar Power Intervention Project (RESPITE) in Sierra Leone. As part of the US$311 million RESPITE project, it committed to adding 106MW of solar PV and energy storage systems across the country.
