World Bank Liberia Country Manager Madam Georgia Wallen has announced that there will be about USD 2 million in grant funding to engage a transaction advisor for solar Independent Power Producers (IPPs) to be procured through competitive bidding.
On October 11, 2024, the World Bank participated in a groundbreaking ceremony for Liberia’s Respite Solar Project at Mount Coffee Hydropower station in Montserrado County.
“The grant will also support the completion of feasibility studies, including the preparation of environmental and social instruments for private sector solar PV plants,” said Madam Wallen.
She said the project is Liberia’s first utility-scale solar PV plant, marking a giant step towards realizing the Liberian people’s aspirations for affordable, reliable, clean energy to power their future.
“On behalf of the World Bank, we are delighted to be part of this pivotal moment. I want to highlight why this solar PV plant comes in the right place, the right time, with the right model,” Madam Wallen stated.
For the World Bank, Madam Wallen said these efforts are not just about building energy infrastructure. They are about achieving their mission to end extreme poverty and promote shared prosperity on a livable planet.
She explained that the solar PV plant’s location at the Mount Coffee Hydropower Station is extremely strategic.
She suggested that the project maximizes benefits while helping manage potential risks by innovatively utilizing existing land, assets, and infrastructure.
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Also, she noted that the solar plant will complement the existing Mt. Coffee hydropower plant.
“This hybrid model will help to address the stubborn, annual challenge of dry season energy demand by harnessing low-cost solar resources complemented by hydropower.”
She indicated that the solar plant will boost energy efficiency and capacity and help displace expensive thermal generation.
Moreover, Madam Wallen said this project comes at the right time, explaining that the 2030 target date for Liberia Rising is inching closer, adding urgency to delivering results quickly and efficiently.
Through this project, Madam Wallen disclosed that the foundation is being laid for utility-scale solar PV plants in Liberia to power homes, schools, hospitals, and businesses across the country.
“We believe this project will catalyze further solar energy development, paving the way for more sustainable growth and helping to close the energy access gap. Time is of the essence,” she said.
According to her, this plant will help advance the suitable model – setting the stage for more private-sector investment.
She said Liberia aims to add another 70MW of power through solar PV, and this development can be accelerated through private sector investment.
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Source link : https://allafrica.com/stories/202410140205.html
Author : [email protected] (New Dawn)
Publish date : 2024-10-14 09:42:12
