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Financial closing for 82 MW of PV in Guinea

Danish investment firm Frontier Investment Management ApS has agreed to provide an undisclosed amount of financing for three PV projects in Guinea with a combined capacity of around 82 MW.

“We are planning to invest between €65 million ($76.5 million) and €70 million in these projects,” Clean Power Generation CEO Marcus Miller told pv magazine.

The project includes the construction of two PV plants with capacities of around 10 MW and 50 MW, in the town of Boké, in the Boké Region of Lower Guinea near the border with Guinea-Bissau. The company will also develop a facility with an installed power of more than 20 MW in the southern port city of Kamsar, on the mouth of the Nunez River. The project will also include the construction of a 12-km transmission line near Kamsar.

“If you the capacity of the three projects, it all up you get roughly 82 MW,” Miller said.

All of the solar plants will sell electricity to state-owned utility Electricité De Guinée at an unspecified price. “The price disclosure is reserved tor Guinean authorities,” Miller said. “However, the single digit feed-in-tariff it is the least expensive per kilowatt-hour in Guinea today.”

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Clean Power Generation began developing the three projects in 2017 and had the support of German development agency Gesellschaft für Internationale Zusammenarbeit (GIZ).

Guinea joined the International Solar Alliance in November 2016. According to the International Renewable Energy Agency (IRENA), it only had 13 MW of cumulative installed PV capacity by the end of 2019. It has not seen any new capacity additions over the past five years.

According to Guinea’s Ministry of Energy and Hydraulics, the country had 949 MW of generating capacity in 2015. However, around 553 MW of the total serves the domestic mining industry, which accounts for approximately 47% of total electricity production.

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Source: pv magazine