In West Africa, the government of Liberia disclosed to have concluded the financing agreement with the multinational renewable energy company, Gigawatt Global.
According to local media the Liberian Observer, the signing took place last week at the permanent mission of Liberia to the United Nations in New York.
[quote]It is reported that foreign affairs minister Marjon Kamara signed on behalf of the Liberian government, while the new projects coordinator, Remy Reinstein, signed on behalf of Gigawatt Global.
During the signing ceremony, Kamara is reported to have expressed satisfaction that the company has an element of corporate social responsibility attached to the project.
She said: “It’s almost a must now that when you enter these kinds of contracts the company or enterprise does something for the community in which it operates. I’m very pleased that your business philosophy enables you to address other needs in your operational areas.”
Commenting on the development, Reinstein stated that beside the deal of a 10MW to be launched, his company intends to install 30 additional megawatts in other parts of the country where government deems fit.
Gigawatt Global to formulate roadmap
Through the MoU, it is stipulated that Gigawatt Global will provide the government, through the Liberia Electricity Company (LEC), the roadmap, which summarises the main actions and steps necessary for the development and construction of a solar PV power plant.
The renewable energy company will also be expected to conduct at its own expense a technical and financial feasibility, including the analysis of financial cash flows and tariff structures and the average rate over the entire observation period of debt repayment and return on equity, media reported.
Furthermore, Gigawatt Global will provide all reports to the LEC within a period of eight months from the signing of this MoU; as well as provide 100% financing, both debt and equity as allowed under Liberian law.
On the other hand, the Liberian government will analyse reports and studies submitted by the developer for approval for the development and construction of the solar power plant within 30 days of developer’s submission.
Lastly, the renewables company will also provide data upon request of the developer on the national electric grid, utility technical or financial information as requested in favour of the feasibility studies.