The Board of Directors of USIDFC has approved additional funding to be used for the planning, construction, and operation of a 105-megawatt combined cycle thermal power plant in Sierra Leone. The financing, which was originally approved for up to $217 million, has now been increased to up to $292 million due to changes made to the project.
The project’s objective is to assist Sierra Leone in meeting its energy needs and developing its economy. It is being carried out by CECA SL Generation Limited. To increase productivity and raise living standards, the power plant will be essential in supplying households, companies, and industries with dependable electricity.
The Board has also authorized the issuance of a contract of political risk insurance to CEC Africa (Sierra Leone) Limited, or an eligible affiliate, for their investment in the project, in addition to the increased financing.
To further safeguard and support the investment, the insurance coverage, which was initially authorized for a maximum liability of $50 million, has now been raised to a maximum of $120 million. Enhancing funding and insurance coverage is a reflection of USIDFC’s dedication to assisting sustainable development initiatives in developing economies. The USIDFC seeks to stimulate private sector investment, generate employment opportunities, and propel economic growth in developing nations by offering financial resources and risk mitigation instruments.
The USIDFC’s commitment to promoting energy access and infrastructure development in Africa is demonstrated by the approval of increased financing for the power plant project in Sierra Leone. The USIDFC is attempting to close important infrastructure gaps and advance sustainable development in the area through partnerships and strategic investments.
