U.S. Development Finance Corporation Initiates $412 Million Gas Power Plant Project in Sierra Leone
The U.S. International Development Finance Corporation’s (DFC) Deputy CEO, Nisha Biswal, attended a groundbreaking ceremony today for the Nant Energy Project, which aims to nearly double Sierra Leone’s energy capacity and enhance its attractiveness for external investment.
Formerly known as the Western Area Power Generation Project, this will be Sierra Leone’s first gas-to-power plant, addressing the critical need for reliable energy infrastructure. Construction is beginning now and is expected to be completed in 36 months. The project is co-sponsored by Nairobi-based independent power generation company Milele Energy and energy project developer TCQ Power.
This project marks a significant milestone for Sierra Leone and a historic achievement for the U.S. Government, representing the largest increase in energy capacity in a single country for any prior DFC project. Earlier this year, DFC announced its Board of Directors had approved up to $412 million in financing and political risk insurance for the project. “Access to power is essential for improving lives and livelihoods now – and driving economic growth for years to come,” said DCEO Biswal. “Today, we break ground on the Nant Energy power project, which will significantly contribute to Sierra Leone’s energy security, marking a major milestone in this project’s development.”
“We are proud to support a private sector initiative that is poised to revolutionize Sierra Leone’s energy landscape,” said U.S. Ambassador to Sierra Leone Bryan David Hunt. “The Nant Energy project brings opportunities to communities across the nation. The effects of this project will be profound, and we are excited to witness a new era of prosperity for the country and the region.” TCQ Power CEO Karim Nasser added, “I am proud of the hard work that we all put in to get here. The project will be the foundation of prosperity for Sierra Leone for years to come. With the completion of its financing, Sierra Leone can now emphatically say, we are open for business.”
DFC’s investments in reliable energy drive development in Sierra Leone and around the world, promoting economic growth and job creation. However, there is still much work to be done. Approximately 770 million people worldwide still lack access to electricity, and millions face frequent blackouts and brownouts.
Energy access is critical to advancing development goals across all sectors, including strengthening infrastructure, growing small businesses, combatting food insecurity, and providing needed healthcare.
