By Amin Kef (Ranger)
Sierra Leone’s energy landscape is set for a transformative leap forward following the first disbursement from a $292 million loan by the U.S. International Development Finance Corporation (DFC) on December 10, 2024. The funds will finance the construction and operation of the 105MW Nant combined-cycle power plant in Freetown, a project spearheaded by CECA SL Generation Limited.
Once operational, the Nant Project will be Sierra Leone’s first large-scale independent power project, nearly doubling the nation’s electricity generation capacity. This development is poised to deliver more stable, reliable power to households, businesses and industries, fostering economic growth and improving the quality of life for citizens. The project is jointly financed by DFC and the ECOWAS Bank for Investment and Development (EBID).
Scott Nathan, CEO of DFC, described the project as a revolutionary milestone for Sierra Leone’s energy security and economic development. “The scale and impact of the Nant Project make it a standout example of what DFC and partner institutions like EBID can accomplish when working together with our private sector partners to benefit the communities where we operate,” Scott Nathan said. “This transaction represents the largest percentage increase in energy capacity in a single country of any DFC project.”
Dr. George Agyekum Donkor, President of EBID, underscored the project’s significance for the entire West African region. “As the regional development finance institution serving the ECOWAS region, EBID is proud to play a catalytic role in unlocking the vast potential of West Africa,” Dr. George Agyekum Donkor stated. “Our partnership with DFC to finance this critical energy infrastructure project in Sierra Leone supports the country’s transformative path towards economic growth, improved fiscal balance and a brighter future for its people.”
The CEO of TCQ Power, Karim Nasser, reflected on the 12-year journey to bring the project to fruition. “This project is not just an achievement for TCQ, but a testament to the resilience and vision of Sierra Leone,” Karim Nasser remarked. “We extend our deepest thanks to His Excellency, the President of Sierra Leone and the people of this nation for their unwavering trust and support. Their belief in our vision has been the cornerstone of our progress.”
Karim Nasser also highlighted the critical roles played by DFC, EBID and the Anergi Group in achieving financial closure. “Their collaboration and commitment exemplify the transformative power of partnership, enabling us to bring reliable and sustainable energy solutions to Sierra Leone. Together, we are lighting the path to a brighter, more prosperous future for this nation and its people,” he added.
Maria Stratonova, CEO of Anergi, emphasized the project’s role in reshaping Sierra Leone’s power sector. “The financial close of the Nant Project is an important step forward for Sierra Leone’s power sector, improving energy reliability and quality for Freetown’s residents and businesses and beyond,” Maria Stratonova said. “This achievement demonstrates what can be accomplished when committed partners collaborate toward meaningful solutions.”
Hon. Dr. Kandeh Kolleh Yumkella, Chairman of the Energy Governance Coordination Group, described the project as a key step in Sierra Leone’s broader energy strategy. “The Nant Project is a landmark initiative that underscores Sierra Leone’s commitment to building a resilient and diversified energy future,” Hon. Dr. Kandeh Kolleh Yumkella noted. “Thanks to the pivotal investment by DFC, this 105MW combined-cycle power plant will transform our energy landscape by delivering reliable and secure electricity to power development, drive economic growth and create jobs.”
He also highlighted the project’s alignment with Sierra Leone’s Just Energy Transition and Green Growth Plan, as well as the country’s $480 million Millennium Challenge Corporation (MCC) Compact. “It will significantly reduce our dependence on imported fuels and mitigate the vulnerabilities associated with high-emission, unreliable or weather-dependent energy sources like hydropower,” he said. “By expanding access to electricity, promoting energy security and fostering innovation, the Nant Project advances our journey towards sustainable development and strengthens the resilience of our energy sector for the benefit of all citizens.”
The Nant Project is expected to serve as a catalyst for Sierra Leone’s economic transformation. By enabling the country to shift from high-cost, temporary power solutions to stable, long-term energy access, the project will support business expansion, create employment opportunities and improve the overall standard of living for Sierra Leoneans.
DFC reiterated its commitment to sustainable, long-term energy solutions in emerging markets. “Our investments in energy projects provide reliable and secure electricity to drive development, promote economic growth and create jobs,” a DFC statement read. “By expanding electricity access, diversifying energy sources and supporting emerging energy technologies, the Nant Project enhances energy security and fosters innovation, contributing to sustainable development and resilience for Sierra Leonean citizens.”
As Sierra Leone advances toward energy independence and economic resilience, the Nant Project stands as a testament to the power of international collaboration and shared vision. With the backing of global development finance partners, Sierra Leone is set to witness a brighter, more sustainable energy future. This transformative initiative is expected to not only revolutionize the energy sector but also spark growth and prosperity for generations to come.
