- MIGA will provide guarantees for Escotel’s solar energy investments in West Africa.
- The guarantees will cover a 10-year period and enable the developer to provide solar energy for telecommunications sites in Sierra leone and liberia.
The Multilateral Investment Guarantee Agency (MIGA), a constituent institution of the World Bank has provided guarantees for a total sum of US$25.6 million for Escotel Mauritius. According to MIGA, $13.5 million will go to the Sierra Leonean branch and $12.06 million to Escotel Liberia.
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Escotel, which is a joint venture between three investors; e investment consulting firm Inspired Evolution, Norfund, a Norwegian government-private equity firm; and Sagemcom, a French technology company is looking to invest in solar energy power generation in Sierra Leone and Liberia, and the guarantee will cover a 10-year period.
Escotel Mauritius is planning to install solar PV panels at telecommunications network sites (TNS) in Sierra Leone and Liberia. MIGA believes that the guarantees will help protect Escotel Mauritius against transfer restrictions, expropriation, war and civil unrest risks in the region.