Page 15 - AfrElec Week 12 2022

AfrElec RENEWABLES AfrElec

Solar Tyme USA seeks to

raise $1.75mn for solar

microgrids in Sierra Leone

SIERRA LEONE
GEORGIA-BASED Solar Tyme USA aims to Solar Tyme’s Sierra Leone branch.
raise $1.75mn to build a 200-kW solar micro- “Our projects are community-focused and
grid power plant in Kumala and a 50-kW solar economic development-driven, with the elec-
system power plant in Liro, Sierra Leone. tricity supplied directly to households on a pre-
The US solar provider will install and oper- paid basis. Feasibility studies have already been
ate the two projects on an independent power undertaken on-site in Kumala and Liro, with
producer (IPP) and build-own-operate (BOO) requisite power supply estimated at 250 kW
basis, delivering and selling electricity produced between the two villages, and negotiations have
to the respective communities through an commenced with the paramount chiefs.”
offtake agreement. Sierra Leone is a major investment and aid
The Georgia-based firm is in the midst of destination for US interests. Earlier in March, the
an ambitious expansion across Africa, with US government’s Millennium Challenge Corpo-
$100mn worth of projects in its pipeline, includ- ration (MCC) visited the westen African state to
ing another solar farm in Sierra Leone and 12 look into an investment “compact” with Sierra
microgrids in Kenya. Leone Compact Development Unit (SLCDU).
In December, Solar Tyme USA signed This would address the lack of affordable and
a memorandum of understanding (MoU) reliable electricity among households, busi-
with Sierra Leone’s Ministry of Energy for the nesses, and social institutions.
microgrids. Currently, only 26% of Sierra Leone’s house-
The company has also received robust sup- holds are connected to an electrical grid, mostly
port from the Ministry of Agriculture, as the in the capital Freetown, and unpredictable ser-
electricity generated will be used to power com- vice blackouts force most firms to rely on costly
mercial-scale farming in the area, which in turn diesel generators to support their operations.
will generate local income to help pay for the Solar Tyme USA aims to raise debt or equity
electricity. financing for the projects, which could offer
“Solar Tyme intends to be the leading pro- carbon credits for foreign investors, as well as
vider of clean, affordable and reliable power to investment tax credits for US investors.
local communities, who have expressed both a Energy Capital & Power has a mandate to
willingness and a capacity to pay for connectiv- raise funding for the Sierra Leone microgrid
ity,” stated Eric Jalloh, chief operating officer of projects.™

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