US firm Solar Tyme looking for USD 1.75 m to build renewables in Sierra Leone
- United States solar power solutions provider Solar Tyme United States is seeking to raise USD 1.75 million (EUR 1.59 m) in debt or equity funding to develop 2 renewable energy projects in Sierra Leone, a 200-kW solar micro-grid and a 50-KW solar energy system.
The news of the projects and also the demand to bankroll them was announced by Cape Town-based financial investment platform Energy Capital & Power, which has a mandate to raise funding for the Sierra Leone plans.
Georgia-based Solar Tyme plans to develop the micro-grid in the village of Kumala and the solar plant in Liro, as well as affiliated circulation lines and ancillaries. It means to develop, possess and also run the systems as an independent power producer (IPP) and earn earnings by marketing the electricity to the village communities via an off-take agreement, Energy Capital & Power said in its press release.
"Feasibility researches have actually currently been undertaken on-site in Kumala and also Liro, with requisite power supply estimated at 250 KW between both villages, as well as negotiations have actually started with the paramount chiefs," Eric Jalloh, Chief Operating Officer of Solar Tyme's Sierra Leone branch, said in the statement.
Both projects have the authorization from neighborhood and state governments after Solar Tyme signed a memorandum of understanding with Sierra Leone's ministry of energy for the micro-grids. Investors are attracted with carbon credits that the projects might use, investment tax credits and an opportunity to purchase a socially and environmentally important campaign as part of their ESG programme, according to the statement.
Solar Tyme is claimed to have USD 100 million well worth of projects in its pipeline, consisting of another solar ranch advancement in Sierra Leone and 12 micro-grids in Kenya.
