MIGA provides USD 25.6m in guarantees for solar projects in West Africa

Birds on a solar module. Author: Don McCullough. License: Creative Commons, Attribution 2.0 Generic.

The Multilateral Investment Guarantee Agency (MIGA), part of the World Bank Group, has issued guarantees of up to USD 25.6 million (EUR 21m) to support certain solar projects for telecom providers in West Africa.

MIGA said that Escotel Mauritius will use the guarantees to cover its investments for the installation of solar photovoltaic (PV) panels at existing and future cell phone towers, or Telecommunication Network Sites (TNSs), in Liberia and Sierra Leone. These projects will either supplement or replace entirely the currently used diesel generators.

The 10-year guarantees will provide protection against the risks of Transfer Restriction, Expropriation and War and Civil Disturbance, MIGA explained. A portion of USD 13.5 million is allocated for the projects in Sierra Leone, where 600 TNSs are expected to be modernised by 2028, and the rest is set aside for 612 sites in Liberia.

(USD 1.0 = EUR 0.825)

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