Energy Ministry, partners sign solar light agreement
The Ministry of Energy, Ministry of Finance, Public Private Partnership (PPP) and Energy Ministry Agencies (EDSA and EGTC) yesterday signed a 50 mw Solar project agreement with Planet Solar Energy S.L.
The signing took place at the Ministry’s Hall in Freetown, honored by the Minister of Finance, Mr. Jacob Jusu Saffa.
In his statement, the Country Manager of the Company (Planet Solar Energy), Johnny Dupini registered the company’s commitment to the government’s Agenda, adding that it was an effort to make more people access electricity nationwide.
He thanked all who contributed to the success of the project up to this stage and further stated that the project would deliver 50 mw solar systems across the country.
He explained that the project has been around for a while going through vital review which is good for the sustainability of the project.
Finance Minister, Mr. Jusu Saffa, outlined the many gains the project can offer to the people including reduction of tariff, cost savings for government, protection of government revenue and risk guarantee shifted to the company instead of government.
Energy minister, Alhaji Kanja Sasay, in his keynote address before the signing ceremony, encouraged the developers to start at once as the people were in need of electricity.
He assured them of the Ministry’s support at all times. He thanked the Ministry’s team, EDSA, EGTC, PPP and Finance Ministry for their efforts on the project to this stage.
Our thanks to the Sierra Leone Concord Times for the above online news.
Sierra Leone to learn about Oil exploration from Equatorial Guinea
The government of Sierra Leone has signed a Memorandum of Understanding (MOU) agreement with Equatorial Guinea on oil and gas exploration.
According to the Director General of the Sierra Leone Petroleum Directorate, Timothy M. Kabba, “Equatorial Guinea is a nation that is mature in oil and gas exploration, and we stand to benefit as a nation from their experiences…”
He explained that during a bilateral visit to Equatorial Guinea, President Julius Maada Bio was impressed by the tremendous gains made by the country on oil and gas. Timothy said the MOU between both countries is “not a contract … but an agreement” that would give Sierra Leone the opportunity to learn, and to position itself against pitfalls associated with oil exploration.
Timothy further said that the government is trying “to attract the right investors to operate in a transparent and accountable business environment.”
Speaking about why the fourth licensing round for hydrocarbon exploration was suspended, the DG said, “It was not timely.” He explained that “every fiscal year’s budget is designed in the previous year; so are oil and gas companies,” adding 2017 was a terrible count for low oil prices – followed by a surprise rise in prices in 2018.
“The optics is that companies may not have reflected new exploration expenses into the 2018 budget as reflected on the undesirable level of interest expressed in our scheduled bid round. This and many other reasons triggered the temporary suspension bid round to allow for intensive industry consultation”
“It is expected that with continued rise in crude oil price more interest will be generated to solicit a reasonable turn out for our blocks in 2019,” he averred.
Our thanks to the Sierra Leone Awoko for the above online news.