The U.S. International Development Finance Corporation’s (DFC) Deputy CEO (DCEO) Nisha Biswal attended a groundbreaking ceremony today for the Nant Energy project, which is expected to nearly double Sierra Leone’s energy capacity and strengthen its ability to draw outside investment.
Formerly known as the Western Area Power Generation Project, the facility will be Sierra Leone’s first gas-to-power plant. It will address a critical need for the Sierra Leonean people’s access to reliable energy infrastructure. Construction is now beginning and is expected to reach completion in 36 months. Milele Energy, a Nairobi-based independent power-generation company, and energy project developer TCQ Power are co-sponsors of the project.
This is a seminal development for Sierra Leone and an unprecedented one for the U.S. Government, accounting for the largest increase in energy capacity in a single country of any prior DFC project. DFC announced earlier this year its Board of Directors had approved up to $412 million in financing and political risk insurance to the project.
“Access to power is essential for improving lives and livelihoods now – and driving economic growth for years to come,” DCEO Biswal said. “Today, we will break ground on the Nant Energy power project, which will contribute significantly to Sierra Leone’s energy security, marking a major milestone in this project’s development.”
“We are proud to support a private sector initiative that is poised to revolutionize Sierra Leone’s energy landscape,” U.S. Ambassador to Sierra Leone Bryan David Hunt said. “The Nant Energy project brings opportunities to communities across the nation. The effects of this project will be profound, and we are excited to witness a new era of prosperity for the country and the region.”
“I am proud of the hard work that we all put in to get here. The project will be the foundation of prosperity for Sierra Leone for years to come,” TCQ Power CEO Karim Nasser said. “With the completion of its financing, Sierra Leone can now emphatically say, we are open for business.”
DFC’s investments in reliable energy drive development in Sierra Leone and around the world, promoting economic growth and job creation. Yet there is much more work to be done. Roughly 770 million people worldwide still lack access to electricity and millions face frequent blackouts and brownouts.
Energy access is critical to advancing development goals across all sectors, including strengthening infrastructure, growing small businesses, combatting food insecurity, and providing needed healthcare.
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About DFC:
The U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.
About TCQ Power:
TCQ Power is a turnkey power project developer with a focus on early conceptualization tailored towards the MENA markets. Through strong cooperation with local governments and suppliers, TCQ Power aspires to mitigate risks at an early stage of development prior to breaking ground, thus lending credibility to sustainable, long-term, independent projects that are fully operable assets by the host nations at the time of handover.
About Milele Energy:
Milele Energy, founded by a team of former GE Africa executives, is a Nairobi-based independent power-generation company across Sub-Saharan Africa. Milele develops, owns, and operates power-generation facilities leveraging both renewable and clean gas technologies. Backed by Gemcorp Capital, Milele’s investments are poised to positively empower lives and communities in Africa. Gemcorp Capital Management Limited is an independent investment management firm focused on emerging markets and has facilitated over $7 billion worth of investments in public and private credit and equity transactions since inception. Milele Energy is Powering Africa’s Bright Future.
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