Release by Scatec Secures 64 MW of Solar and 10 MWh of Storage Projects in Liberia and Sierra Leone with IFC Support
Source：solarquarter
Release, majority owned by Scatec ASA, has signed new lease agreements totaling 64 MW of solar power and 10 MWh of battery storage in Liberia and Sierra Leone. The projects are backed by the International Finance Corporation (IFC) through a USD 100 million loan and a USD 65 million guarantee facility established in 2023, which secures client payment obligations. This collaboration enables Release to deliver affordable, reliable clean energy to African utilities while reducing financial risks and accelerating renewable adoption.
In Liberia, Release signed a 15-year lease agreement with the Liberia Electricity Corporation (LEC) to develop a 24 MW solar plant and a 10 MWh battery energy storage system (BESS) in Duazon, near Monrovia. In Sierra Leone, the company secured a 40 MW solar project through a lease agreement with the national utility EGTC and the Ministry of Energy.
These projects will be the first to deploy Release’s newly engineered solar panel mounting structure, developed by its South African team—marking a milestone in the company’s project delivery model.
“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.