Release by Scatec, majority owned by Scatec ASA has signed new lease agreements totalling 64 MW of solar power and 10 MWh of battery storage across Liberia and Sierra Leone.
'These agreements mark a significant step in strengthening our renewable energy presence and delivering flexible, modular 'lease-to-own' solutions to utilities in Sub-Saharan Africa. The projects are designed to replace expensive fossil fuel generation, improve grid reliability, and support local economic development,' says Scatec CEO and Chairman of Release, Terje Pilskog.
Release receives support from the World Bank’s IFC through a USD 100 million loan and a USD 65 million guarantee facility, established in 2023, securing payment obligations from Release’s clients. This partnership enables Release to offer affordable, clean power to African utilities with reduced financial risk, simplifying renewable energy adoption.
In Liberia, Release has entered into a 15-year lease agreement with the state-owned Liberia Electricity Corporation (LEC) for the development of a 24 MW solar plant combined with a 10 MWh battery energy storage system (BESS) in Duazon, near Monrovia. Release also secured a 40 MW solar project in Sierra Leone through a lease agreement with the national utility EGTC and the Ministry of Energy.
These two projects will be the first projects where Release will use its newly introduced solar panel mounting structure designed by its engineering team in South Africa, representing a milestone for the company and marking a start to a new way of delivering its projects.
Release is owned by Scatec (68%) and Climate Fund Managers (CFM) (32%) via its EU-supported Climate Investor One Fund, a USD 1 billion blended finance facility focused on renewable energy infrastructure in emerging markets.
Source: Scatec
