Georgia-based Solar Tyme USA is looking to fund the construction of a solar microgrid and solar power plant in Sierra Leone. The solar installation and development company hopes to raise $1.75 million in either debt or equity financing for the project.
Solar Tyme signed a memorandum of understanding with Sierra Leone’s Ministry of Energy in December 2021 for the construction of the two projects, which consist of a 200-KW solar microgrid in Kumala, a 50-KW solar plant in nearby Liro and the associated distribution lines.
Eric Jalloh, chief operating officer of Solar Tyme’s Sierra Leone branch said, “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.”
According to a statement from the company, on-site feasibility studies have already been conducted at both locations and negotiations have begun with local chiefs. The energy generated by the two projects will also be sold to commercial-scale farms in the area.
Solar Tyme noted that incentives are available for global investors in the form of investment tax credits or carbon credits.
“Our mission is to deploy clean and sustainable energy solutions while generating a robust rate of return, which we estimate at around 10-12% for these two projects,” said Jonnell Minefee, managing partner of Solar Tyme USA. “Solar Tyme is looking for investors with whom we can grow and partner with on the series of renewable projects that we have slated for 2022.”
Solar Tyme has another solar project in the works in Sierra Leone, along with 12 microgrids in Kenya. All told, the company says it has $100 million worth of clean energy projects in its pipeline in Africa.
Other companies are also actively pursuing microgrids on the African continent. Cenfura and DNA Global Energy announced a plan early last year to deploy 14 microgrids in South Africa.
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