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Solar Tyme USA has announced to raise new investments worth US$1.75mn for the construction of two renewable energy projects in Sierra Leone: a 200KW solar microgrid power plant in Kumala and 50KW solar system power plant in Liro
The two projects have been sanctioned by local and state government representatives, following the signing of a Memorandum of Understanding (MoU) with the Ministry of Energy last December.
With US$100mn worth of clean energy projects in its pipeline, including another solar farm in Sierra Leone and 12 microgrids in Kenya, the firm is currently expanding its operations across Africa. The U.S. solar provider will install and operate the two projects on an independent power producer and build-own-operate basis, delivering and selling electricity produced to the respective communities through an offtake agreement.
“Solar Tyme intends to be the leading provider of clean, affordable and reliable power to local communities, who have expressed both a willingness and a capacity to pay for connectivity. Our projects are community-focused and economic development-driven, with the electricity supplied directly to households on a prepaid basis. Feasibility studies have already been undertaken on-site in Kumala and Liro, with requisite power supply estimated at 250 KW between the two villages, and negotiations have commenced with the paramount chiefs,” stated Eric Jalloh, chief operating officer of Solar Tyme’s Sierra Leone branch.
Solar Tyme USA is seeking financing (debt or equity) for the construction of the solar microgrids and power plants. Primarily, the two projects could offer carbon credits for foreign investors, as well as investment tax credits for U.S. investors.