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Wednesday, October 26, 2016
The IFC has committed $27 million in senior debt to support the Western Area Power Generation Project in Sierra Leone. The successful implementation of the project will rely on sustained commitment to broader reforms aimed at revitalizing the power sector.
IFC also acted as the lead arranger and interest rate swap provider to mobilize a further $109 million in long-term financing from other development finance institutions, including the African Development Bank, CDC Group plc (the United Kingdom’s development finance institution), Emerging Africa Infrastructure Fund, and FMO (the Dutch development bank). The debt financing package will support an independent power generation facility in an industrial zone about four km outside of Freetown. The project covers the development, construction, and operation of a 57 MW heavy oil fuel-fired power plant.
Karim Nasser of TCQ Power said, “Five years ago we set out on the incredibly challenging task of developing the first IPP in this post-conflict African nation. With the support of IFC and other lenders we move ever closer to realizing that objective and paving the way for further independent power generation in Sierra Leone. IFC has been a leader in structuring a commercially viable project and helping us mobilize support from other lenders.”
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