Freetown, Sierra Leone – December 30, 2024 – In a significant move to bolster Sierra Leone’s energy infrastructure, CECA SL Generation has achieved financial closure for the Nant Project, a 105-megawatt (MW) multi-fuel power plant slated for construction in Freetown.
The facility is expected to commence operations by the third quarter of 2027, substantially increasing the nation’s electricity capacity.
The project has garnered substantial international support, with the U.S. International Development Finance Corporation (DFC) approving up to $292 million in financing. Additionally, the ECOWAS Bank for Investment and Development (EBID) has committed a $40 million loan, bringing the total investment to approximately $412 million.
Anergi, an Africa-focused energy company, in collaboration with TCQ Power, has contributed $85 million in equity financing. The construction contract has been awarded to Indian engineering firm Shapoorji Pallonji, which will utilize Siemens’ combined-cycle gas turbine (CCGT) technology for the plant.
The Nant Project represents a pivotal advancement for Sierra Leone’s energy sector, aiming to nearly double the current national electricity supply capacity. This development is anticipated to enhance energy reliability and quality for residents and businesses in Freetown and beyond, thereby driving long-term economic growth.
Maria Stratonova, Acting CEO of Anergi, stated, “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.”
The project has entered into a 22-year power purchase agreement with Sierra Leone’s Electricity Distribution and Supply Authority and the government, ensuring a sustained and reliable energy supply for the foreseeable future.
This initiative underscores Sierra Leone’s commitment to addressing its energy deficit and fostering an environment conducive to economic development and investment.
