Planet Solar Energy (SL) LimitedStatus: Approved investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Our customer is Planet Solar Energy (SL) Limited, a company incorporated in Sierra Leone to develop five solar PV power plants in 4 distinct sites across the country: Koidu (also referred to as Kono), Makoth, Bo and Port Loko. A Special Purpose Vehicle (Frontier Energy II Delta K/S) is established in order to allow DFIs (FMO, BII & Proparco) to co-invest in Planet Solar Energy (SL) Limited.
What is our funding objective?
The objective is to provide technical guidance to Planet Solar, strengthening their capabilities to effectively manage contextual risks, stakeholder engagement, livelihood restoration, community development and gender based violence (GBV) prevention/redress, and thus achieve and maintain a solid basis for Broad Community Support.
Why do we fund this investment?
Planet Solar is the first utility scale solar power project and the first Independent Power Producer (IPP) in Sierra Leone. The project aims to achieve the realization of 50 MW of renewable energy in a country with a huge gap between electricity demand and supply. It will contribute to lower electricity costs, more clean energy and GHG avoidance which is firmly in line with FMO’s ambition to contribute to SDG 13. During construction and (to a lesser extent) operations, local jobs will be created, contributing to FMO’s focus on SDG 8. Finally, this investment and enabling project will continue to strengthen FMO’s involvement in fragile states, contributing to SDG 10. More specifically, the TA project is considered crucial for bringing the capacity of the project team to the level needed to ensure a lasting social licence to operate and have Broad Community Support, and to optimize engagement on (and delivery of) benefits to the project hosting communities.
- Sierra Leone
- Publication date
- Effective date
- Total FMO financing
- EUR 0.06 MLN