Germany’s Clean Power secures financing for 82MWp Guinea Solar project

BENIN – Clean Power Generation, a German energy company, has secured financing from Frontier Investment Management ApS for the construction of an 82MWp solar photovoltaic project in the mining town of Boké in Guinea.

Developed since 2017 by Clean Power Generation, the project has already received the support of the German government through the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).

Marcus Miller, President and CEO of Clean Power Generation said, “The passion to create renewable energy projects in Africa is what Clean Power Generation and Frontier Energy have in common.”

He further expressed his pleasure, “to move forward with a strong and reliable partner with whom we will implement two outstanding projects that will continuously supply electricity to the people of Kamsar and Boké, as well as to the mining industry.”

The CEO of the German said that the two companies “now look forward to finalizing all legal documents and permits with the Guinean government”.

Solar energy has been gaining momentum in Guinea following the enactment of a new law in February this year which allowed for greater participation of the private sector in the renewable energy sector.

This legislation was highly welcome given the country’s low electricity penetration rates.

Most people in rural areas are not connected to the electricity grid and depend on lanterns which run on dirty and costly kerosene or short-lasting battery.

Guinea citizens also spend a significant amount of money on charging their phones at local kiosks (FCFA 550 – or around USD 1 – per week, according to a research by SNV).

Liberalization of the sector has however allowed private investors like Clean Power Generation to come into the sector and their investments in the production, transmission, distribution and marketing of electric power will boost energy access in the country.

According to Clean Power Generation, the 82 MWp solar project will involve the construction of two solar power plants, one in the port city and mining site of Kamsar and the other, in the administrative centre of the city of Boké.

An addition of 82MWp would contribute towards Guinea’s objective of achieving urban and rural electrification rates of 95% and 65% by 2025.

It will also help the country meet its energy mix objective which targets to have 24.6 % of the country’s total energy production to be sourced from renewable energy sources

Frontier Investment Management ApS, which is now participating in the development of the Boké solar project, is also financing the construction of several renewable energy plants in Africa.

In Kenya, Frontier Investment, a Danish investment company is participating in the development of the 140 MWe Akiira geothermal projects.

The geothermal power plant, which will be built in two phases, is located in the Rift Valley, southwest of Naivasha, Kenya.

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