Norwegian renewable energy firm Scatec has signed lease agreements for 64MW of solar PV and 10MWh of energy storage capacity in Liberia and Sierra Leone.
Through its subsidiary Release by Scatec, the company has entered into lease agreements with the power utilities in Sierra Leone and Liberia for the solar and storage projects.
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Release by Scatec is a vehicle for delivering pre-assembled solar PV and energy storage equipment via lease agreements, which is “designed to overcome financial and technical barriers associated with adopting solar energy”.
In Liberia, it entered into a 15-year lease agreement with the state-owned Liberia Electricity Corporation (LEC) to develop a 24MW solar PV project and a 10MWh battery energy storage system (BESS) in Duazon, near Monrovia.
It also signed a lease deal with the national utility EGTC and the Ministry of Energy in Sierra Leone for a 40MW solar project.
Scatec CEO Terje Pilskog said: “These agreements mark a significant step in strengthening our renewable energy presence and delivering flexible, modular ‘lease-to-own’ solutions to utilities in Sub-Saharan Africa. The projects are designed to replace expensive fossil fuel generation, improve grid reliability and support local economic development.”
Scatec owns 68% of Release and the climate investment fund Climate Fund Managers owns the remaining 32% via its EU-supported Climate Investor One Fund, a US$ 1 billion blended finance facility focused on renewable energy infrastructure in emerging markets.
Release receives funding from the World Bank’s IFC through a US$100 million loan and a US$65 million guarantee facility. The loan reduces the financial risk of building clean power for African utilities and simplifies renewable energy adoption in the region, Scatec said.
In 2023, the World Bank announced funding to develop 106MW of solar and storage projects in Sierra Leone, Liberia, Togo and Chad in efforts to increase electrification across West Africa.
