Release in Washington DC – first guarantee agreement signed for Chad
29.10.24
Last week Release CEO, Hans Olav Kvalvaag and SVP Utilities, Arnaud Gouet met with IFC and representatives from the Government of Chad in Washington DC, to sign the first guarantee agreement under the USD 65 million guarantee facility with the World Bank’s International Development Agency (IDA).
The guarantee agreement enables the realisation of the 35 MW solar and 20 MWh battery project in N’djamena in Chad, a rental agreement between Release and Société Nationale d’Électricité du Tchad.
The USD 65 million guarantee facility in combination with the USD 100 million loan agreement announced last December, forms a larger partnership with IFC to provide a simpler, more affordable, and cleaner offering of power to African utilities. The partnership also strengthens risk mitigation for Release, allowing utilities to adopt renewable energy with less financial burden.
“Starting with Chad, we are excited that the partnership with the World Bank group is in place and operational. We are now ready to efficiently deliver much needed, affordable, and reliable power generation based on solar and batteries across Africa. This partnership enables us to standardise a legal, technical, and financial solution that gives comfort and credibility, while mitigating risk for all stakeholders” says Hans Olav Kvalvaag, CEO at Release.
This collaboration underscores Release’s active role in deploying renewable energy across Africa, solidifying its position as a catalyst for sustainable power and economic growth in the region.