Freetown, Sierra Leone – 13 December 2024 – Anergi is pleased to announce that CECA SL Generation Ltd (“CECA SL”), an entity that will construct and operate a 105MW multi fuel Combined Cycle Gas Turbine (CCGT) power generation plant in Freetown, Sierra Leone (the “Nant Project”), reached financial close on 15 November 2024. This landmark project will supply reliable electricity under a 22-year Power Purchase Agreement with the Electricity Distribution and Supply Authority and the Government of Sierra Leone. The Nant Project will nearly double the electricity generation capacity of Sierra Leone.
The Nant Project has secured $292 million in senior debt financing from the U.S. International Development Finance Corporation (DFC) and $40 million from the ECOWAS Bank for Investment and Development. TCQ Power initiated the development of the Nant Project in 2013 and remained the lead developer until the financial close. TCQ Power and Anergi provided $85 million of equity for CECA SL’s financing. Construction will be executed by Shapoorji Pallonji using Siemens CCGT technology. The Nant Project is expected to deliver first power by the third quarter of 2027.
The Nant Project has received unprecedented support from the Government of Sierra Leone, a testament to its commitment to creating a favourable environment for Independent Power Producers. The power generated by the CECA SL plant will meet critical energy needs in Sierra Leone, improving both the quantity and quality of electricity while reducing grid losses and dependence on costly power imports.
Anergi is owned by Pan African Infrastructure Investment Fund 2 and Harith InfraCo Ltd. Anergi’s shareholders and the fund’s manager, Harith General Partners, have been actively supporting the Nant Project and the wider infrastructure development in the region.
Maria Stratonova, CEO of Anergi, commented: “The financial close of the Nant Project is an important step forward for Sierra Leone’s power sector, improving energy reliability and quality for Freetown’s residents and businesses and beyond. This high-impact infrastructure reflects our commitment to making a difference. Anergi will continue focusing on project development and investments that actively address power infrastructure demand in the sub-Saharan region.”
Sipho Makhubela, CEO of Harith, added: “This achievement shows what can be accomplished when committed partners collaborate towards meaningful solutions. The Nant Project represents significant progress for Sierra Leone and will also support energy improvements in the region. We appreciate the hard work and commitment of all involved and are proud to contribute to sustainable, long-term energy solutions across Africa.”
The Nant Project is backed by strong international partners, including the DFC, which has provided senior debt, equity political risk insurance, and liquidity reserve contributions. The Nant Project also benefits from the support of the World Bank (WB) and the Millennium Challenge Corporation (MCC), both of which are committed to enhancing power access, transmission, and distribution systems in Sierra Leone.
Additionally, the Nant Project is poised to catalyse new opportunities for Liquefied Natural Gas (LNG) delivery in the region. Freetown’s deep harbour is recognised as a potential hub for LNG infrastructure, and this project offers the offtake capacity necessary to establish long-term guarantees critical to unlocking this opportunity for Sierra Leone and its neighbours.
About Anergi:
Anergi is a leading diversified power company that develops, owns and operates power plants across sub-Saharan Africa. Anergi’s portfolio comprises six assets, which are contracted to produce a combined gross ~1,529 MW thermal and renewable energy. The portfolio supplies energy to about 25 million customers across five African countries: Ghana, Kenya, Nigeria, South Africa & Sierra Leone. Anergi continues to develop significant and impactful energy projects in countries within sub-Saharan Africa thereby further entrenching itself as a leading Africa-focused power company. Anergi is wholly owned by Harith InfraCo Ltd and the Pan-African Infrastructure Development Fund 2, managed by Harith General Partners, a leading pan-African fund manager and investor in infrastructure assets.
Visit: www.anergigroup.com
About Harith:
Harith General Partners (“Harith”) is a pan-African infrastructure investment holding company headquartered in South Africa, with investment interests and assets across 10 African countries. Its name, “Harith”, is derived from the Arabic language, and means “one who ploughs”. Harith was founded in 2006 with the initial mandate to manage the $630 million Pan African Infrastructure Development Fund (PAIDF I), and subsequently the $435 million PAIDF II.
Through its successful management of the two funds, the establishment of partnership funds in Namibia and Nigeria, as well as the recent establishment of the Harith-led infrastructure investment vehicle, Harith Infraco, the company has achieved its long-intended transition from a fund manager based business to an infrastructure investment holding company. This it has done while maintaining and consolidating fund and asset management as one of its business pillars, through its continued management of PAIDF II (with PAIDF I now in wind-up phase), and the recent acquisition of a 46% stake in Mergence Investment Management (“Mergence”)., alongside a women-led group that acquired 5% of Mergence.
Through Harith Infraco, Harith holds significant interests in:
- the Anergi Group;
- CIVH – a leading operator in the digital infrastructure industry, and the holding company of a group of companies including Dark Fibre Africa, Vumatel, Vumacam, Herotel, Sigfox South Africa, Britelink MCT and AEX; and
- Lanseria Holdings – which owns Lanseria International Airport, the second largest airport in Gauteng, and South Africa’s only privately owned international airport.
Visit: https://harith.africa