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Partnering for Impact: Realizing President Bio’s Vision for Sierra Leone’s Energy and Agriculture Sectors – OPEC FUND and the Government of Sierra Leone Partner to Promote Investment in Renewable Energy and Food Security

VIENNA, Austria – Monday, 24 June 2024: The Vienna-based OPEC Fund for International Development, in partnership with Sierra Leone’s Presidential Initiative on Climate Change, Renewable Energy and Food Security (PI-CREF), has hosted a High-Level Investment Roundtable to mobilize foreign investment, and to accelerate green investment opportunities to ensure a sustainable energy transition and food security in Sierra Leone.

Held on the margins of OPEC Fund’s 2024 Development Forum, the Roundtable brought together Members of the Arab Coordination Group (ACG) – a strategic alliance among countries that has been instrumental in developing economies and communities for a better future and providing development loans to over 130 countries around the world. The ACG membership includes Abu Dhabi Fund for Development (ADFD), the Arab Fund for Economic and Social Development (AFESD), the Arab Gulf Programme for Development (AGFUND), the Arab Monetary Fund (AMF), the OPEC Fund for International Development and the Saudi Fund for Development (SFD).

Co-chaired by the President of Sierra Leone, His Excellency Dr. Julius Maada Bio and the President of OPEC Fund, Dr. Abdulhamid Alkhalifa, the Investment Roundtable provided a platform to engage diverse stakeholders including investors, international development and financial institutions and policy makers on the investment opportunities in Sierra Leone’s energy and agriculture sectors.


“My participation as co-chair emphasizes the paramount importance my government places on the energy and agriculture sectors,” President Bio stated.

 

Renewable Energy Investment Session:

The Renewable Energy Investment Session focused on mobilizing investments for Sierra Leone’s innovative, zero-carbon, Bumbuna-1 Hybrid Hydro-Solar expansion project, with the goal of increasing the share of renewables in the energy mix to over 60 percent. This project will underpin the critical drive to boost energy access from 30% to 60% within five years and double the total installed electricity generation capacity from 250 MW to 500 MW. It was noted during the session that the Bumbuna-1 upgrade project requires the installation of two turbines for an estimated US$40 – US$50 million, and a 60 MW solar plant (scalable to 200 MW) estimated at US$ 60 – 80 million.

Agricultural Investment Session:
The Agricultural Investment Session co-chaired by the President of the Arab Bank for Economic Development in Africa (BADEA), Dr. Sidi Ould Tah, aimed at seeking partnerships for the execution of the Industrial Rice Complex Project in Tormabum designed to transform Sierra Leone’s rice sector and create significant employment opportunities, particularly for women and youth. This investment portfolio will establish an integrated rice industrial cluster, featuring a 30,000-ha irrigation scheme and essential infrastructure such as roads, power, milling and storage facilities.

Key Outcomes:

  1. The Vienna High-Level Renewable Energy and Food Security Investment Roundtable on Sierra Leone mobilized a total of USD 800 Million from development partners to leverage additional resources for the flagship projects presented.
  2. Sierra Leone has secured firm commitment for the development of three renewable energy projects – Bumbuna Hydro 1, the expansion of Dodo/GOMA Hydroelectric Power Station and the Moyamba Small Hydropower Plant project (Singimi Falls, GbanGba River) from the Abu Dhabi-based International Renewable Energy Agency (IRENA) for a total of 147 MW. The commitment was made by IRENA Director-General, Francesco La Camera who visited Sierra Leone last week.
  3. Africa50 CEO, Alain Ebobisse, has committed his organization to develop two projects – the first would consist of a solar PV plant of 50MW connecting the Bikongor sub-station, and a second 50MW tranche could connect the Kamakwie sub-station. The project is led by HGR, an emerging markets renewable energy platform which was launched by Hecate Energy, a US based developer.
  4. BADEA committed to champion agricultural transformation in Sierra Leone with $200 million pledge for Tormabum Rice Industrial Complex development. BADEA is leveraging its own resources and actively mobilizing other partners from the Arab Coordination Group (ACG), who have also committed to participate in this transformative project.
  5. The OPEC Fund provided a US$200,000 grant to Sierra Leone for the establishment of a Climate Finance and Energy Innovation Hub. A round table event was co-chaired by the President of Sierra Leone, His Excellency Dr. Julius Maada Bio, and representatives of the international development community aimed to mobilize investments for renewable energy and agricultural investments in the country. The OPEC Fund also announced its intention to earmark US$250 million up to 2030 in support of development aspirations of the country towards achieving the SDGs including energy transition and food sovereignty.

 

Commenting on the huge success of the High-level Investment Roundtable, President Bio stated: “I am deeply grateful for the tremendous commitment and support shown by our partners during the Investment Roundtable. Together, we are forging a path towards sustainable energy transition and food security in Sierra Leone.”

 

Dr. Abdulhamid Alkhalifa, President of OPEC Fund, stated: “The partnerships and commitments established during this Investment Roundtable signify a major step forward in our mission for sustainable development in Sierra Leone. By channeling investment into Sierra Leone’s energy and agriculture sectors, we are fostering economic growth, creating jobs, and empowering communities for lasting progress.”

 

The Investment Roundtable attracted several high-level participants from international development and financial institutions such as the African Development Bank (AfDB), Africa50, Africa Finance Corporation (AFC), Arab Bank for Economic Development in Africa (BADEA), West African Development Bank (BOAD), Islamic Development Bank (IsDB), International  Islamic  Trade Finance Corporation and UN agencies including international Atomic Energy Agency (IAEA), the UN Industrial Development Organization (UNIDO) and Sustainable Energy for ALL (SEforALL).