- The World Bank is signing a financing agreement with the Liberian authorities.
- The international financial institution is lending $96 million to construct a 60 MWp solar photovoltaic plant.
A finance deal was just inked between the Liberian Ministry of Finance and Development Planning and the International Development Association (IDA). A $96 million loan from the World Bank Group subsidiary will be given to Liberia to build 60 MWp of installed solar power. This electricity will be generated at just one location.
The solar facility at Mount Coffee would be developed in two phases, according to Monie Captan, chairman of the board (PCA) of the government-owned Liberia Electricity Corporation (LEC). A second phase with a capacity of 40 MWp will come after the first phase, which has a 20 MWp capacity. He claims that the hydropower facility at Mount Coffee will be replaced by the solar park.
The production of this 88 MW plant typically declines during the dry season when the St. Paul River’s flow decreases. The World Bank recently unveiled a $311 million financing package for renewable energy in West Africa and the Chad, which includes the loan to Liberia.
The Regional Emergency Solar Power Intervention Project is in charge of allocating the funds (RESPIT). This World Bank initiative seeks to “rapidly” raise the capacity of renewable energy that is connected to the grid and to improve regional integration in the participating nations. The development of solar photovoltaic plants, battery storage systems, and grid connections are the four parts of the project.