Solar Tyme USA, located in Georgia, is seeking financing to build a solar microgrid and solar power plant in Sierra Leone. The solar installation and development firm is aiming to raise US$ 1.75M for the project through loans or equity funding.
Recently, Solar Tyme and Sierra Leone’s Ministry of Energy signed a memorandum of agreement for the construction of the solar microgrid and solar power plant in Sierra Leone projects, which include a 200-KW solar microgrid in Kumala, a 50-KW solar plant in adjacent Liro, and the distribution lines associated.
Solar Tyme’s Sierra Leone division chief operating officer, Eric Jalloh, stated that Solar Tyme was aspiring to be the leading provider of clean, economical, and reliable electricity to local communities who had demonstrated both a willingness and ability to pay for the connection.
On-site feasibility assessments have already been conducted at both locations, according to the statement released by the company, and talks with local chiefs have commenced.
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The energy produced by the two plants will also be sold to local commercial farmers. The organization also noted that incentives in the form of investment tax credits or carbon credits were available for global investors.
Solar Tyme USA’s managing partner, Jonnell Minefee, stated that their objective was to deliver clean and sustainable energy solutions while producing a strong rate of return, which they expected to be about 10–12 percent for the two projects. She added that Solar Tyme was looking for investors who could expand and partner on a sequence of renewable projects set for 2022.
Solar Tyme USA’s other projects
Apart from the solar microgrid and solar power plant in Sierra Leone, the company is also working on another solar project in the country, as well as 12 microgrids in Kenya. In all, the company claims to have US$ 100M worth of sustainable energy projects in Africa in the process.
On the African continent, other firms are also pursuing microgrids. Cenfura and DNA Global Energy announced a proposal to build 14 microgrids in South Africa at the beginning of 2021.