Release in Washington DC: securing new lease agreements in Liberia and Sierra Leone

Oslo/Washington DC, 16 October 2025:

Release by Scatec has secured new lease agreements for a total of 64 MW of solar power and 10 MWh of battery energy storage systems (BESS) across projects in Liberia and Sierra Leone. This milestone represents a major step forward in expanding the company’s renewable energy portfolio and underlines its ongoing dedication to providing turnkey “lease-to-own” technical and financial solutions to utilities throughout Sub-Saharan Africa, leveraging Release’s flexible modular platform.

These two projects are embedded in the national strategies unrolled by the governments of Sierra Leone and Liberia.

In Liberia, Release has entered into a 15-year lease agreement with the state-owned Liberia Electricity Corporation (LEC) for the development of a 23.75 MWp solar PV plant combined with a 10 MWh battery energy storage system (BESS) in Duazon, near Monrovia. This additional capacity represents an increase of the Monrovia grid’s installed electricity generation by 20%. The facility is projected to generate 35,000 MWh annually offsetting high-cost thermal generation during the dry season when output from the Mont Coffee hydro plant declines. The project is also expected to deliver approximately 20,000 tonnes of CO₂ savings per year, enhance local grid reliability, and meet the increasing energy demand driven by rapid development in the Duazon area.

Release also secured a 40 MWp solar project in Sierra Leone through a lease agreement with the national utility Electricity Generation and Transmission Company (EGTC) and the Ministry of Energy. The project will be connected to the existing Transco CLSG substation located in Kamakwie, enabling integration with the regional transmission network. This project represents a significant expansion of national generation capacity, with the plant expected to generate about 70,000 MWh annually. By complementing the country’s existing hydroelectric resource, the project strengthens the country’s energy mix and is expected to generate an annual CO₂ savings of around 47,000 tonnes.

“These agreements represent a major step forward in our mission to accelerate the green energy transition in Sub-Saharan Africa by facilitating access to reliable, clean and affordable energy derived from local renewable resources” says Hans Olav Kvalvaag, CEO at Release. “This achievement reflects the strong collaboration with our clients and the invaluable support from the governments of Liberia and Sierra Leone.”

These two projects will be the first projects where Release will use its newly introduced solar panel mounting structure designed by its engineering team in South Africa, representing a milestone for the company and marking a start to a new way of delivering its projects. Read more about the solution here: Release introduces proprietary design for mounting solar panels

The projects receive support from the World Bank’s IFC through a USD 100 million loan and a USD 65 million guarantee facility, established in 2023 – securing payment obligations from Release’s clients. This partnership enables Release to offer affordable, clean power to African utilities with reduced financial risk, simplifying renewable energy adoption.

Release is owned by Scatec (68%) and Climate Fund Managers (CFM) (32%) via its EU-supported Climate Investor One Fund, a USD 1 billion blended finance facility focused on renewable energy infrastructure in emerging markets.