US$52 million financing secured for 50 MW solar farm in Sierra Leone

Planet One Group has secured US$52 million in financing for a 50 MW solar farm (Planet Solar) in Sierra Leone.

British International Investment, Dutch development bank FMO, and French finance development institution Proparco have collectively invested US$52 million in the Planet Solar project. Planet One Group, based in Dubai, initiated the project, named Planet Solar, announcing the commencement of construction in 2018. The company secured a 25-year power purchase agreement (PPA) with Sierra Leone’s Ministry of Finance and Economic Development and Ministry of Energy. In 2022, California-based Frontier Energy declared its majority ownership of Planet Solar, situated across four locations – Kenema, Port Loko, Makoth, and Kono. Anticipated to augment Sierra Leone’s installed electricity capacity by 30%, Planet Solar represents the country's first large-scale grid-connected solar Independent Power Producer (IPP). The electricity generated will be sold to the government-owned utility, Electricity Distribution and Supply Authority (EDSA).