By Janet A. Sesay
President Julius Maada Bio has on Tuesday, 18th June, 2024, turned the sod of the $412 million NANT Energy project for constant electricity supply in Freetown. This event was done at the Kissy old terminal on the eastern part of the country.
This project is a collaboration involving the government of Sierra Leone, the United States Development Finance Corporation (DFC) and other development partners.
This project is also invested in financing and political risk insurance in support of the country’s plans to address rolling blackouts and expand its power system through renewable energy solutions in the future.
In his keynote address, president Bio stated that this is a very big day to have energy enough to empower our industries and to grow.
He said he is happy to celebrate the ground breaking ceremony of a transformative project which is Sierra Leone’s first utility land scale independent power project.
He said the government promotes reliable access to electricity across the country, adding that this transformative power generation project is a testament to the government’s candid vision for a sustainable and curable energy sector that ensures universal access to affordable and reliable energy services by 2035.
President Bio furthered that energy is the life blood of any modern society, adding that it empowers our home, fuels our industries and drives the country’s economic development and social progress.
He furthered that without energy the country cannot move forward, adding that for far too long Sierra Leone has faced significant challenges in the energy sector, adding that the country faces inadequate access to affordable and reliable modern energy services.
He furthered that with this project a new dawn has come as a decisive step has been taken to change the past narrative, adding that the government is ready to lay the foundation for a power generation project that would provide the nation with reliable, cleaner, affordable and sustainable energy.
President Bio continued that this is not just a project but it is a transformative force to get rid of the syndrome of lack of hope in the energy sector and for the country to develop and enter the sector in a socially, economically and environmentally sustainable manner.
He furthered that this project marks a new era of independence and prosperity for Sierra Leone for a brighter future.
He said 148.5 Mega Watt was given to the Western Area which was signed by his cabinet in November 2023 and was ratified by the Sierra Leone Parliament to construct and commission the 22 year old petroleum gas plants.
He said once this project is completed it will play a crucial role in Sierra Leone’s energy units, adding that the significant step towards this project is a prosperous future.
President Bio said this project will create multiple of jobs for youths and warned them to take advantage of the skills projects to learn different skills.
He furthered that this project also demonstrates government’s commitment and readiness to continue to attract sustained foreign investments in large infrastructure projects with one term commitment.
He said by tapping into innovative energy funding approaches and upholding various approaches of funding in development, private and external sources they have been able to structure this important project.
He thanked the United States, International Finance Cooperation for providing the majority of the project debt, adding that this is a testament to a continuous partnership with the government of the United States.
He also thanked the ECOWAS Bank for investing in the project and said it further strengthens the partnership.
President Bio pleaded with the youth of Kissy community to look after the project and said they should ensure that nothing is missing at the site.
Nisha Biswal, the Deputy Chief Executive Officer, the Development Finance Corporation (DFC), in her statement said DFC approved a new loan of up to $292 million to the Freetown-based Western Area Power Generation Project to help develop and upgrade the power plant’s infrastructure, promoting reliable access to power throughout Sierra Leone.
She furthered that DFC will also provide up to $120 million in political risk insurance to crowd-in private investment, adding that the financing package is bolstered by a $40 million loan from ECOWAS Bank for Investment and Development.
“Sierra Leone’s vision for a sustainable energy future is becoming a reality,” madam Biswal stated.
The Deputy CEO furthered that their organisation is proud to support the country’s first large utility-scale independent power project and lay the foundation for reliable and affordable electricity in Sierra Leone.
She ended that this project will become Sierra Leone’s main source of power generation upon completion.
Bryan David Hunt, the United States Ambassador to Sierra Leone, said the Western Area Power Generation Project is poised to revolutionise Sierra Leone’s energy landscape and bringing opportunity to communities across the nation.
He said its impact will be profound, fuelling progress, prosperity, and a brighter future for all Sierra Leoneans, adding that the United States is proud to support this private sector initiative.
He continued that the unwavering commitment shown by DFC and EBID to ensure that this transformational project is realised will improve the lives of millions of Sierra Leoneans.
Ambassador Hunt furthered that Milele Energy is dedicated to unlocking some of Africa’s most critical energy projects and he applauded the Government of Sierra Leone for concluding this project that will lower costs, improve reliability, and allow the expansion of industrial demands.
The Project Representative, Karim Nasser, in his statement extended his profound gratitude to President Bio for his steadfast support over the years, adding that they are committed to delivering this sustainable power solution to the people of Sierra Leone and look forward to executing on the next steps and construction.