Bumbuna II
- Country
- Sierra Leone
- Technology
- Hydro
- Business model
- IPP
ElectriFI global invested USD 3.5m to support the Bumbuna II hydropower project, Sierra Leone’s largest infrastructure project and a key part of the Government’s long term Energy Plan.
Contract signature date: December 2018
Country: Sierra Leone
Total ElectriFI financing: USD 3.5 M
Environmental and Social Category*: A
*(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk
Brief description of the client and project
Joule Africa is in late stage development of the 143 MW Bumbuna II hydro project in Sierra Leone. The project comprises a dam resulting in a new reservoir at the Yiben area and the extension of the existing Bumbuna I hydropower site, 32 km downstream. Once completed, Bumbuna II is estimated to generate 1,062 GWh per annum and will provide a minimum guaranteed 80MW power throughout the year. It will connect to the national grid and sell its output under a 25year PPA with national utility EDSA.
Funding objective
ElectriFI will provide a USD 3.5m convertible loan to Joule Africa in order to finance 50% of the external final hurdle development expenses aimed at reaching financial close of the project
Why ElectriFI wants to fund this project.
The Bumbuna II project is crucial for the Government of Sierra Leone to stimulate its energy sector and support its economic growth strategy. Bumbuna will double the national generation capacity; indirectly enable investments in transmission and distribution network; and allow the Government to show it is capable of managing large international infrastructure investments such as this. Joule Africa has demonstrated itself to be a professional, dedicated project developer, taking seriously its role, in particular by ensuring the adequacy of capacity in the country and by ensuring net gains to the communities and the environment affected by the Project.
- Number of beneficiaries
- 6,616,400
- Annual output (MWh/y)
- 973,000
- GHG avoidance (tCO2eq/y)
- 391,146
Impact
- Beneficiary
- Joule Africa
- Financing instrument
- Convertible debt
- Amount
- USD 3.5 million
- Country
- Sierra Leone
- Technology
- Hydro
- Business model
- Independent Power Producer
- Year
- 2018
- Facility
- ElectriFI global