By: Schalk Burger
Solar and battery leasing company Release, which is majority-owned by renewable-energy company Scatec, has signed new lease agreements totaling 64 MW of solar power and 10 MWh of battery storage in Liberia and Sierra Leone.
In Liberia, Release has entered into a 15-year lease agreement with the State-owned Liberia Electricity Corporation for the development of a 24 MW solar plant combined with a 10 MWh battery energy storage system (BESS) in Duazon, near Monrovia.
Further, in Sierra Leone, it also secured a 40 MW solar project through a lease agreement with the national utility EGTC and the Ministry of Energy.
These two projects will be the first projects for which Release will use its newly introduced solar panel-mounting structure that was designed by its engineering team in South Africa, and which represents a milestone for the company and marks a start to a new way of delivering its projects.
“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 Release chairperson Terje Pilskog.
Release receives support from development finance institution the World Bank’s International Finance Corporation through a $100-million loan and a $65-million guarantee facility, which was 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.
