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Thursday, July 25, 2024

Liberia to Receive $45 Million For Solar Power Project

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Liberia is set to receive a sum of US $45M to finance the Renewable Energy Solar Power Intervention Project (RESPITE). The World Bank Group approved the funds which is a second disbursement for the development.

 This significant investment aims to enhance Liberia’s renewable energy infrastructure, including the country’s first 20MW solar PV project and an expansion of the Mount Coffee hydropower plant, which will see its capacity increase from 88MW to 129MW. The total budget for the project is US $96M.

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Boosting energy sector 

Energy in Liberia is a critical sector that affects the country’s development and economic growth. The energy infrastructure is outdated and was heavily damaged during the civil wars. However, the Liberian government, with support from international partners, is working on various projects to improve the energy sector. This includes rehabilitating infrastructure, expanding the grid, and promoting renewable energy projects.

In a meeting with Vice President Jeremiah Koung, Ashish Khanna, Practice Manager for West and Central Africa at the World Bank Group, commended President Boakai for prioritizing energy as a key factor for economic growth.

Khanna highlighted Liberia’s notable achievements in the energy sector, including a 30% reduction in distribution losses and over half a million new household connections. These accomplishments position Liberia well to attract private sector investments.

Vice President Koung expressed his gratitude to the World Bank Group for its continuous support in addressing Liberia’s electricity challenges. He emphasized the need for immediate measures to reduce electricity outages as the dry season approaches and reiterated the government’s commitment to working with the World Bank Group to improve the lives of Liberians.

 

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