Scatec, through its subsidiary Release, has signed new lease contracts for solar infrastructure representing a combined capacity of 64 MW, along with a 10 MWh battery energy storage system. The agreements, concluded in Liberia and Sierra Leone, form part of a strategy to deploy modular solutions for public electricity utilities.
In Liberia, Release entered a fifteen-year lease agreement with state-owned Liberia Electricity Corporation (LEC) to develop a 24 MW solar plant, incorporating a 10 MWh battery energy storage system (BESS). The site will be located in Duazon, near the capital Monrovia, and aims to replace expensive and unreliable fuel-based generators.
A new technological deployment for Release
In Sierra Leone, Scatec will deploy a 40 MW solar facility in partnership with the national utility Electricity Generation and Transmission Company (EGTC) and the Ministry of Energy. This project falls under a similar lease arrangement designed to improve the reliability of the national power grid and reduce dependence on imported fuels.
These two installations will mark the first use of a new solar panel mounting structure designed by Release’s engineering team in South Africa. This modular deployment model aims to shorten construction timelines and ease transport in remote areas.
International financial support and lease model
Project financing is supported by a $100mn loan and a $65mn guarantee facility provided by the International Finance Corporation (IFC), a member of the World Bank Group. These mechanisms, launched in 2023, allow Release to offer lease-to-own contracts with lower financial risk to African utilities.
Release is 68% owned by Scatec ASA, a Norway-based independent power producer, and 32% by Climate Fund Managers (CFM) through the Climate Investor One Fund, a $1bn blended finance facility supported by the European Union and focused on renewable infrastructure in emerging markets.
