The cooperation will provide funding for the development of the 27 Megawatt run-of-the-river hydropower project. It will use the Pampana River to deliver inexpensive, clean electricity to the equivalent of 500 000 Sierra Leoneans.
A total of $110m in private capital project finance, including $70m in debt, will be provided via the Betmai facility. Furthermore, Bitgreen intends to raise $10–20 million in debt financing while creating a compliant blockchain fundraising platform.
Sierra Leone is one of the nations with the lowest rates of electricity access worldwide. With only about 26% of its 8 million people having access to power. Rural dwellers and those in poverty are the groups most impacted. Between 3 and 5 percent of these groups have access to power.
Due to these accessibility issues, excessive reliance on imported fossil fuels that are highly harmful is created. Because vital societal infrastructures cannot be powered, energy poverty creates a vicious circle of poor health. As well as educational deficiencies, and constrained economic progress.
Additionally, by developing its fledgling export industry, Sierra Leone has made progress toward achieving political stability.
SERL and GEAP to fund the hydroelectric facility in Sierra Leone
The Betmai hydroelectric facility in Sierra Leone is a crucial step in providing the nation’s industry and people with renewable energy. Strategically, the project is located adjacent to the country’s iron ore mining region. It is linked transmission lines to Freetown, the nation’s capital, which is situated at Betmai Falls in northern Sierra Leone on the Pampana River.
SERL and GEAPP are in charge of project funding and construction. As part of a cornerstone partnership with Bitgreen to create debt financing using its Polkadot-based green-blockchain fundraising platform.
The leading sustainable energy developer in Sierra Leone, SERL, will develop the Betmai project and any related infrastructure. SERL is an entirely autonomous, locally owned business with a focus on establishing and funding. The company also oversees renewable energy projects in Sierra Leone and West Africa.