The Danish investment firm, dubbed Frontier Investment Management ApS, which participates in the financing of numerous renewable energy projects in East Africa has agreed to provide an undisclosed amount of financing for three Solar PV projects which are being developed by Clean Power Generation in Guinea.
The projects, which have been on the cards since 2017 include the construction of two PV plants with capacities of around 10 MW and 50 MW, in Boké, the capital city of Boké Prefecture within the Boké Region of Lower Guinea near the border with Guinea-Bissau.
The project also involves the development of a facility with an installed capacity of more than 20 MW in the southern port city of Kamsar, on the mouth of the Nunez River as well as the construction of a 12-km transmission line near Kamsar.
Marcus Miller, the Chief Executive Officer at Clean Power Generation said that they are planning to invest between US$ 76.5M and €70 million in these projects which have also been financially supported by the Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH, often shortened to simply GIZ, and which is a German development agency that provides services in the field of international development cooperation.
Where the power generated from the solar plants will be directed
The power generated by all of the solar plants will be sold to the state-owned utility Electricité De Guinée at an unspecified price that the developers CEO says is reserved for the West African Country authorities. He however revealed that the single-digit feed-in-tariff is the least expensive per kilowatt-hour in the country today.
The projects are a boost to the West African Country’s aim to produce 47 megawatts (MW) of solar and wind energy by 2030 from the current 13 MW according to the International Renewable Energy Agency (IRENA).