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Get a quoteThree Development Finance Institutions and a renewable fund manager have announced a co-investment for a 50MW solar power project in Sierra Leone. Three Development Finance Institutions and a renewable fund manager have announced a co-investment of more than $52 million for Planet Solar, a greenfield 50MW solar power project in Sierra Leone.
Access to energy in Sierra Leone is among the lowest in Africa and the world. The limited electricity that is available is expensive, with electricity tarifs twice as high as the continent’s average. A majority of the population does not have access to the national grid and is not likely to gain access in the near term.
Airtel money is currently the most prominent mobile money payment system, with the widest outreach in Sierra Leone. With 3,584 agents in ofice and mobile to service an active customer base of 372,419 customers making over 7,500 transactions daily and up to 1.8 million transactions monthly.
The co-investment enables the development of a critical project that stimulates investment in renewable energy – responding to the urgent need for access to clean, affordable and stable power. Currently, only 23% of the population in Sierra Leone has access to electricity.
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The 50MW solar capacity is expected to increase the operational domestic electricity supply by approximately 30%, benefitting commercial and industrial entities, public institutions, and households connected to the main grid. This will bring much-needed power to communities in Freetown, the Western Area, and beyond.
The global industrial and commercial energy storage market is experiencing unprecedented growth, with demand increasing by over 350% in the past three years. Energy storage cabinets and lithium battery solutions now account for approximately 40% of all new commercial energy installations worldwide. North America leads with a 38% market share, driven by corporate sustainability goals and federal investment tax credits that reduce total system costs by 25-30%. Europe follows with a 32% market share, where standardized energy storage cabinet designs have cut installation timelines by 55% compared to custom solutions. Asia-Pacific represents the fastest-growing region at a 45% CAGR, with manufacturing innovations reducing system prices by 18% annually. Emerging markets are adopting commercial energy storage for peak shaving and energy cost reduction, with typical payback periods of 3-5 years. Modern industrial installations now feature integrated systems with 50kWh to multi-megawatt capacity at costs below $450/kWh for complete energy solutions.
Technological advancements are dramatically improving energy storage cabinet and lithium battery performance while reducing costs for commercial applications. Next-generation battery management systems maintain optimal performance with 45% less energy loss, extending battery lifespan to 18+ years. Standardized plug-and-play designs have reduced installation costs from $900/kW to $500/kW since 2022. Smart integration features now allow industrial systems to operate as virtual power plants, increasing business savings by 35% through time-of-use optimization and grid services. Safety innovations including multi-stage protection and thermal management systems have reduced insurance premiums by 25% for commercial storage installations. New modular designs enable capacity expansion through simple battery additions at just $400/kWh for incremental storage. These innovations have significantly improved ROI, with commercial projects typically achieving payback in 4-6 years depending on local electricity rates and incentive programs. Recent pricing trends show standard industrial systems (50-100kWh) starting at $22,000 and premium systems (200-500kWh) from $90,000, with flexible financing options available for businesses.