PI-CREF Facilitates Landmark MOU between Infinity Power, B.V. and Ministry of Energy
Freetown, Sierra Leone | 18 July 2024: Sierra Leone is set to benefit from the development of 1 gigawatt of renewable energy power following the signing of a Memorandum of Understanding (MoU) between Infinity Power Holding B.V. (Infinity Power) and the Ministry of Energy.
The agreement signed on Wednesday, 17 July at State House in Freetown with the Amsterdam-registered company, outlines a three-phased approach to the project with a focus on expanding the country’s electricity generation and supply infrastructure over the next 8 years. Phase 1 includes a total of 200 megawatts (MW) of renewable energy investments.
Dr. Eldred Tunde Taylor, Deputy Minister of Energy 1 stated that as a ministry, they have no choice but to deliver on President Bio’s priorities. “Our mandate is simple: prioritize the expansion of our energy infrastructure by integrating renewable energy sources and enhance sector reforms to continue attracting investments. Thus, we are excited to partner with Infinity Power and look forward to our work ahead in the coming months and years.”
“This MOU represents a crucial milestone in our shared vision for a sustainable future. We are committed to working with the Government of Sierra Leone to deliver this ambitious project and contribute to the nation’s energy security and economic growth,” said Ahmed Mulla, Deputy CEO of Infinity Power.
At the First National Climate and Energy Transition Dialogue held in Oct 2023 and organized by PI-CREF, President Bio underscored his government’s plan to target an investment for a 1-gigawatt (GW) generation capacity over the next 10-15 years, which would then allow Sierra Leone to trade energy with her neighbours.
Said Chairman Yumkella, “Given their work experience in Africa and their goals for the continent, Infinity Power is poised to help meet President Bio’s vision for the country earlier than originally envisaged. The deep energy sector reforms taking place are beginning to pay dividends and we at PI-CREF will continue to play our catalytic role in bringing diverse partners with our MDAs through strategic coordination and policy coherence.”
The MoU is the culmination of a seven-month period of engagements between Infinity Power and the Presidential Initiative on Climate Change, Renewable Energy and Food Security (PI-CREF) with the first meeting taking place on 8 December 2023 on the margins of the CoP28 in Dubai with Infinity Power’s Abdulla Zayed, Director of Development and Investment for Africa and Asia.
Chairman Kandeh Yumkella was accompanied by Karmoh C Conteh, Executive Officer at State House, Mohamed Massaquoi, Press Attache, representing Ambassador Rashid Sesay of Sierra Leone’s Embassy to the UAE, and PI-CREF’s Anthony Kamara, Director of Partnerships, Communication and Outreach.
Follow-up engagements post CoP 28 by PI-CREF and a face-to face meeting in Barcelona during the Africa Energy Forum – which was attended by Hon. Kandeh Yumkella, Ndeye Koroma, National Coordinator for Sierra Leone Compact Development Unit (SLCDU) and representatives of the Ministry, led Infinity Power’s Deputy CEO, Ahmed Mulla, to accept an invitation to visit Sierra Leone. The Barcelona meeting was preceded by the Vienna Roundtable Investment on Sierra Leone in which partners pledged a total of USD 800 million.
Infinity Power currently operates in Egypt, South Africa and Senegal with a strategic goal to expand its presence to all 54 countries. It aims to deliver to underserved regions, addressing critical power needs across the continent.