Top reasons to select Sierra Leone for investing in Energy
Strong market demand for energy
Global renewable energy capacity grew by more than 45% in 2020 led by a massive 90% increase in wind capacity.1
Sierra Leone has adopted a new energy strategy to support the necessary demand for electricity.
Access to electricity is at 15% in Sierra Leone, providing a largely untapped opportunity.
Diverse sector opportunities
Sierra Leone offers investment opportunities in several segments of the energy industry including wind energy, solar energy, hydro and bioenergy.
Sierra Leone is also seeking infrastructure investment to support expansion of energy distribution and transmission networks.
Natural resources for electricity production
Sierra Leone has good access to natural resources necessary for energy production such as access to viable wind speeds and sunshine for renewable wind and solar projects.
The country is also well positioned to support Hydro-electric power with high rainfall levels at 2500mm/year.
Improving infrastructure for energy
Several steps have been taken to improve the country’s energy infrastructure network.
In 2020, Sierra Leone completed energy interconnection with Côte d'Ivoire, Liberia and Guinea, with more to follow, giving access to the West Africa Power Pool.
Sierra Leone offers a vibrant and eager workforce, expected to reach over 3 million persons by 2024.
Sierra Leone is also very cost-effective, having some of the lowest costs of labour when compared to other West African locations.
Stable business climate
Sierra Leone has strong macro-economic fundamentals and its economy is expected to rebound strongly post-COVID.
Sierra Leone is one of the most peaceful and politically stable countries in Africa.
Sources: Wavteq based on SLIEPA energy sector presentation, 2019
1 IEA renewable energy market update, 2021 - link.
There are large opportunities for energy investors
The country’s energy demands are massively underserved. As the country develops and becomes increasingly industrialized, especially with the development of large-scale mining projects and the integration of Sierra Leone into the West Africa Power Pool, the demand for energy in Sierra Leone will continue to increase at a dramatic rate.
Sierra Leone has unbundled power generation from transmission and distribution. Private sector partners are being invited to participate in generation and metering projects. The Government is promoting energy investment at the company level as well. For example, mining companies are encouraged to work with private investors to meet their increased energy demands. The Renewable Energy Association of Sierra Leone (REASL) is in place to help facilitate these investments.