Sierra Leone Seeking $3.5B Investment To Amp Up Power Sector

Sierra Leone Seeking $3.5B Investment To Amp Up Power Sector

From Mail & Guardian

Sierra Leone is seeking $3.5-billion of investment from the private sector to overhaul its creaking electricity industry with the aim of increasing output 10-fold by 2017, Deputy Energy Minister Martin Bash-Kamara said Saturday.

Sierra Leone, struggling to recover from an 11-year civil war that ended in 2002, has one of Africa’s lowest power generation capacities, at just 100 megawatts for its 5.6-million people.

President Ernest Bai Koroma’s government has signed several memorandums of understanding with investors to develop power projects in the mineral-rich West African country, Kone said.

“$3.5-billion is the projected cost of achieving the minimum 1 000 megawatts,” Bash-Kamara said in an interview. “This is what it’s expected will come in foreign direct investment.”

With state finances under strain, the government wants investors to cover the capital investment and then recoup their money by selling power to the national grid, Kone said.

Read more at Mail & Guardian.