Solar Mini-Grid Developers
Solar Mini-Grid Developers
Business Model Description
Invest in the development of solar mini-grids for businesses, as well as in communities, and other public or private facilities, such as hospitals, also known as Distributed Energy Service Company (DESCO). A mini-grid is defined as a set of small-scale electricity generators and possibly energy storage systems interconnected to a distribution network that supplies electricity to a small, localised group of customers and operates independently from the national transmission grid. They range in a size from a few kilowatts up to 10 megawatts (12). While mini-grid energy generation technologies can include diesel generators as well as renewable sources, the business model specifically focuses on solar technology.
Expected Impact
Tackle energy poverty among those who do not have access to electricity, eliminate disruption to businesses from unreliable grid connection, while contributing to reduction of CO2 by replacing unsustainable sources of energy.
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
Disclaimer
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Country & Regions
- Sierra Leone: Northern Province
- Sierra Leone: Eastern Province
- Sierra Leone: Southern Province
Sector Classification
Renewable Resources and Alternative Energy
Development need
Energy is under-resourced and in scarce supply in Sierra Leone; its population with access to electricity stood at 22.7% in 2019 (1). The country is particularly vulnerable to climate change, ranked in the top 10% in the world (2) with particular attention to the coastal vulnerability (3).
Policy priority
Energy is one of the key priority areas in Sierra Leone's Medium-Term National Development Plan in terms of access and sustainability. One of the key targets is to increase the country’s capacity for renewable energy, covering solar and hydro, contribution to 65% by 2023, up from the current 30% level (4). In addition, the government has established an electrification target of 92% by 2030 as part of a contribution to the attainment of the Economic Community of West African States (ECOWAS) Energy Efficiency Policy targets (5).
Gender inequalities and marginalization issues
Women are the primary energy users at the household level. Shifting to renewable sources of energy reduces the exposure of women to indoor air pollution as well as relieves them from the time burden, and security and gender-based violence threats from collecting firewood (6). People in rural areas suffer from more acute lack of access to electricity with only 4.8% of the rural population in Sierra Leone having access to electricity (7).
Investment opportunities introduction
Renewable energy is considered multi-sectoral and a space where public-private partnerships are particularly important, including in Sierra Leone (8). There is opportunity for small-scale private-only investments and SME development, thus also leaving space for entrepreneurship. Demand for energy in Sierra Leone is estimated at around 360 MW, with current installed capacity of around 105 MW (4).
Key bottlenecks introduction
Access to finance is cited as one of the key impediments for alternative energy companies to be successful in Sierra Leone (9).
Alternative Energy
Development need
Addressing energy poverty and climate change in Sierra Leone requires a blend of both traditional and alternative energy. Unreliable and limited access to the grid hampers economic growth and negatively affects social outcomes for the population. On-grid sources only serve 20% of energy poverty needs in Sub-Saharan Africa (10).
Policy priority
According to Medium-Term National Development Plan, increasing investment in low-cost renewable energy production and distribution is one of the key policy actions, covering solar, hydro, wind, and biomass (4). The government recognizes the immense potential for renewable energy as the best way to increase energy production sustainably (4).
Gender inequalities and marginalization issues
Within the renewable resources sector, solar projects tend to be large-scale that often exclude small businesses and communities, particularly women. In general, women are more likely to be excluded from economic sectors, including infrastructure development (5). This is also related to the under-representation of women in Engineering, Manufacturing, and Construction field (15%) (11).
Investment opportunities introduction
There are various opportunities in the alternative energy sector, ranging from large-scale solar farms, hydro energy plants, as well as small-scale solar power systems that can be implemented by and catered to SMEs and individuals. Local engineering firms that can implement such solutions are critical.
Key bottlenecks introduction
Sierra Leone faces challenges related to energy transmission and distribution. The country's transmission grid is inadequate for transmission from areas where low-cost renewable electricity can be generated to load centers. There are challenges with the distribution network with outdated infrastructure and capacity (4). There is limited technical capacity in the off-grid solar industry (9). Engineers are often brought in from outside of the country for maintenance and repair (12).
Solar Technology and Project Developers
Pipeline Opportunity
Solar Mini-Grid Developers
Invest in the development of solar mini-grids for businesses, as well as in communities, and other public or private facilities, such as hospitals, also known as Distributed Energy Service Company (DESCO). A mini-grid is defined as a set of small-scale electricity generators and possibly energy storage systems interconnected to a distribution network that supplies electricity to a small, localised group of customers and operates independently from the national transmission grid. They range in a size from a few kilowatts up to 10 megawatts (12). While mini-grid energy generation technologies can include diesel generators as well as renewable sources, the business model specifically focuses on solar technology.
Business Case
Market Size and Environment
< USD 50 million
2.9 million people in Sierra Leone are best serviced by mini grids
An annual mini-grid market size in Sierra Leone is estimated by the Sustainable Energy Fund for Africa (SEFA) to be USD 33 million, based on an average mini-grid tariff of USD 0.9 / kWh, and average household demand per day of 0.2kWh / day (17).
According to SEFA's analysis, it is estimated that 2.9 million people (47% of the non-electrified population) will be best served by mini-grid solutions in Sierra Leone (17).
Across the continent, the deployment of solar mini-grids grew from around 500 installed in 2010 to more than 3,000 installed in 2023, and a further 9,000 mini-grids are planned for development over the next few years (22).
Indicative Return
10% - 15%
The alternative energy sector across the African continent is heavily supported by donors and philanthropists. Investors in mini grid across the continent tend to be development finance institutions or impact oriented financiers (18).
There are three main phases to the mini-grid project: development, construction and operations. The development phase, as the most risky phase, is typically funded by equity, expecting a 25-35% return. The construction phase typically requires a 15-20% return through construction finance. The final and the most de-risked operation phase normally necessitates a lower return of 10-15% using construction finance (18).
Investment Timeframe
Long Term (10+ years)
The investment tenor depends on the purpose and the type of funding, depending on the phase of the mini-grid development. There are three main phases to a mini-grid project: development, construction and operations. The development phase funding has a 1-5 year tenor. The construction phase is a 6-18 month period, depending on the project. The final operation phase is 15+ years (18). At the same time, rural mini-grids' typical payback time is said to be around 7-10 years, and it is only on a 15-20 year horizon that double digit returns can be achieved (18).
Ticket Size
USD 1 million - USD 10 million
Market Risks & Scale Obstacles
Capital - CapEx Intensive
Capital - Requires Subsidy
Capital - Limited Investor Interest
Impact Case
Sustainable Development Need
Only 22.7% on the population in Sierra Leone has access to electricity as of 2019 (1). This is one of the major challenges that affect the lives of people as well as businesses in Sierra Leone.
Traditional source of energy, namely biomass from wood and charcoal, is used by 80% of population in Sierra Leone (4). The use of charcoal causes health issues particularly for women who tend to spend time cooking in households.
The generation of clean energy in Sierra Leone is currently limited at 30% (4).
Gender & Marginalisation
Women are the primary energy users at the house level. They are exposed to indoor air pollution, as well as time burden, and risk of security and gender-based violence threats from collecting firewood (5).
Children living in areas without proper access to electricity suffer from not being able to study after dark.
There are significant levels of unemployment across Sierra Leone, and economic opportunities in rural areas are particularly limited. This is execrated by the absence of reliable and affordable electricity.
Expected Development Outcome
Solar mini-grid developer provide high-quality uninterrupted renewable electricity to underserved communities, especially compared to their current alternatives such as biomass and diesel.
Solar mini-grids offer an alternative to traditional and unhealthy sources of power, and they contribute to the generation of clean energy.
Gender & Marginalisation
Having reliable access to mini grids allow for children to study longer by having light after dark and improve their education outcomes.
Having access to mini grid stimulates economic development in rural areas where opportunities are limited.
Primary SDGs addressed
7.1.1 Proportion of population with access to electricity
7.1.2 Proportion of population with primary reliance on clean fuels and technology
7.b.1 Installed renewable energy-generating capacity in developing countries (in watts per capita)
Only 22.7% on the population in Sierra Leone has access to electricity as of 2019 (1).
Biomass from wood and charcoal is the source of energy of 80% of population (4), meaning that 20% of the population uses clean energy.
The percentage of clean energy production is 30% (4).
According to the National Energy Efficiency Plan, the target electrification rate is 92% by 2030 (5). In addition, according to the Medium Term National Development Plan, the government targets to increase installed electric capacity from the current 100 megawatts in 2018 to 350 megawatts by 2023, as well as to connect 20 villages and eight towns in each district to the national grid or off-grid standalone schemes (4).
N/A
According to the Medium Term National Development Plan, the government targets to increase the country’s capacity for renewable energy (solar and hydro) contribution to 65% by 2023 (4).
10.1.1 Growth rates of household expenditure or income per capita among the bottom 40 per cent of the population and the total population
As a proxy, mini-grids help not only businesses but households. The results for standalone mini-grid projects by Energy and Environment Partnership (EEP) Trust Fund indicates that access to renewable energy has brought annual savings of up to EUR 93 per household (23).
N/A
1.1.1 Proportion of the population living below the international poverty line by sex, age, employment status and geographic location (urban/rural)
57% of the population and 72.4% of the rural population in Sierra Leone live below the poverty line. Furthermore, 10.8% of the country and 15.3% of the rural population face extreme poverty (4).
By 2023, ensure more rural inhabitants are out of extreme poverty than in 2018 (4).
Secondary SDGs addressed
Directly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Indirectly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Outcome Risks
The consumer costs of electricity from a mini-grid are higher than national grid costs, because national grid tariffs are not cost-reflective and highly subsidized. This means that poorer communities may be excluded from accessing the new source of energy, potentially exacerbating inequalities. Grid electricity tariff for residential customers is SLL 1,400 (USD 0.06) / kWh for the first 25 kWh, then SLL 2,545 (USD 0.11) / kWh (plus 15% tax) for further consumption. In comparison, average tariff for mini grid is SLL 7,231 - 8,045 (USD 0.32 - 0.35) / kWh (26).
The mini-grid industry in Africa is dominated by foreign entities. If such international developers do not establish a local presence, there is a risk that local populations' voices get disregarded (23).
Based on an evaluation study on the Rural Renewable Energy Project (RREP) in Sierra Leone, fewer female-headed households in RREP communities were connected to the mini-grids than male-headed households (25). Inequal access to off-grid electricity further exacerbates the gender disparity in the country.
Impact Risks
If mini-grids fail to scale provide electricity to low income populations particularly in rural areas, they will continue to be cut off from electricity, which prevent them from improving their lives and accessing economic opportunities (27).
If mini-grid models do not scale, women will continue to be exposed to health risks from inhaling hazardous smoke caused by charcoal, as well as safety risks including gender-based violence from walking in the dark or collecting firewood (27).
Continued use of unsustainable sources of power such as charcoal will contribute to not meeting the 1.5 degree target, resulting in catastrophic consequences on the planet, and particularly for many parts of Africa, including Sierra Leone, that are vulnerable to climate change impact.
Impact Classification
What
Solar mini-grid developers provide access to affordable and sustainable electricity. This is a positive impact as it helps to alleviate energy poverty in the country.
Who
Businesses, organizations, and people living in areas that are not connected to electricity in Sierra Leone.
Risk
While the mini-grid business model is proven in Sierra Leone and across Africa, scale and accessibility issues as well as the use of alternative sources of power require consideration.
Contribution
The additionality that mini-grids bring to the target communities and businesses who lack access to reliable and sustainable sources of electricity is significant.
How Much
Mini grids help to meet the Sierra Leone's target to increase the country’s capacity for renewable energy (solar and hydro) contribution to 65% by 2023 from the current 30% level (4) as well as to increase the electrification rate to 92% by 2030 (5).
Impact Thesis
Tackle energy poverty among those who do not have access to electricity, eliminate disruption to businesses from unreliable grid connection, while contributing to reduction of CO2 by replacing unsustainable sources of energy.
Enabling Environment
Policy Environment
Medium Term National Development Plan (2019) defines energy access and sustainable energy as key priority areas. One of the key targets is to increase the country’s capacity for renewable energy (solar and hydro) contribution to 65% by 2023 from the current 30% level (4).
National Energy Policy (2009) & National Energy Strategic Plan (2009) set as objective to increase access to modern energy supplies in off-grid areas for reduction of poverty. They also prioritize small-scale decentralized solar power supplies to meet the basic needs of lighting, refrigeration and media and information technology in rural areas, and calls for the development of a strategy, plan and mechanisms for rural electrification (28, 29).
Energy Efficiency Policy (2016) & National Energy Efficiency Action Plan (2015) seek to enhance energy access while transforming the energy sector towards greater sustainability. They detail sectoral and cross-sectoral measures to be taken (30). The action plan sets actions and targets towards SDG7.1 and 7.3, among which 92% access to electricity and 12.3 kWh / USD PPP 2005 primary energy intensity in 2030 (5).
National Renewable Energy Policy of Sierra Leone (2016) and National Renewable Energy Action Plan (2015) clarify and extend the 2009 National Energy Policy and Strategic Plan with goals, policies, and extensive measures for renewable energy (8, 28). They also mark the initial steps of aligning the country's renewable energy policy with the regional Renewable Energy Policy of the ECOWAS (31). The action plan sets goals such as shares of renewables in electricity generation (5).
Financial Environment
Financial incentives: There are significant levels of subsidies provided to lower tariffs, increase affordability, increase access and support the viability of the mini-grid business in Sierra Leone. There are four kind of subsidies: 1) Asset split (subsidies in kind of distribution grid assets from United Nations Office for Project Services (UNOPS) with Foreign, Commonwealth & Development Office (FCDO) funding); 2) Connection subsidies which are treated as a capital grant; 3) the Universal Energy Facility (UEF), which is a results based financing program; and 4) Subsidies as a percentage of total project capital expenditure (35).
Financial incentives: Several grants are available to invest in alternative energy in Africa: The Sustainable Energy Fund for Africa (SEFA) is a multi-donor fund managed by AfDB that provides catalytic finance to unlock private sector investments in renewable energy and energy efficiency (37). EEP Africa managed by the Nordic Development Fund provides grants and catalytic financing to innovative clean energy projects (38).
Fiscal incentives: Sierra Leone has a Goods and Services Tax (GST) of 15% and import duty of between 5% to 35%. Supply of solar power has been added to the list of GST zero-rated supplies in the Finance Act of 2022 (33). The importation of photo voltaic system equipment and low energy or energy-efficient appliances for resale or use by third parties is be duty-free for a period of 3 years (36). However, the exemptions for import duty and GST for solar products do not seem to be universally applicable and are approved on a case-by-case basis (9).
Regulatory Environment
Electricity and Water Regulatory Commission (SLEWRC)'s minigrid regulations (2019) provides clarity on licensing, grid arrival and the tariff formula for minigrid operators and indicates a long-term commitment to the sector (34, 25). The regulations provide for cost-reflective tariffs and allow for two license categories that envisage “a basic mini-grid license;” regulation for projects below 100kW and “a full mini-grid license” for mini-grid projects between 100kW and 10MW (35). Currently, there are four licensed mini grid operators in Sierra Leone.
The Finance Act 2017 provides duty exemptions on the importation of solar equipment that meets International Electrotechnical Commission (IEC) standards (32). Finance Act of 2022 added the supply of solar power to the list of Goods and Services Tax zero-rated supplies (33).
Investment Code (2005) is designed to provide more protection for companies investing in Sierra Leone. It directs government to encourage joint ventures and allow full foreign ownership. This is relevant for potential foreign investors who provide capital into mini grids to understand their rights (28).
Marketplace Participants
Private Sector
Off-Grid Power (SL), Winch Energy, PowerGen, Power Leone, Power Ned, FLS Power, CrossBoundary Energy.
Government
Ministry of Energy, Public Private Partnership Unit of the Office of the President, Electricity and Water Regulatory Commission, Ministry of Finance, Environmental Protection Agency, National Public Procurement Authority.
Multilaterals
World Bank, Regional Off-Grid Electrification Project, Foreign, Commonwealth & Development Office (FCDO), United Nations Office for Project Services (UNOPS), Millennium Challenge Corporation (MCC), Sustainable Energy for All (SEforAll), Energy Sector Management Assistance Program (ESMAP), African Development Bank (AfDB), Dutch Entrepreneurial Development Bank (FMO), Climate Investment Funds (CIF), Norfund, Swedfund, Proparco, Kreditanstalt für Wiederaufbau (KfW), Nordic Development Fund (NDF), Stoa Impact Fund, International Renewable Energy Agency, Abu Dhabi Fund for Development.
Non-Profit
The Renewable Energy Association of Sierra Leone (REASL), Energy For Opportunity (EFO), Energy 4 Impact, Global Off-Grid Lighting Association (GOGLA), Welthungerhilfe, Africa Microgrid Developers Association (AMDA), MercyCorp, Rockefeller Foundation, Shell Foundation, Lighting Global, Energy Saving Trust, Africa Enterprise Challenge Fund (AECF), United States Agency for International Development (USAID).
Public-Private Partnership
The four licensed mini-grid operators in Sierra Leone are essentially operating on a government concession using a PPP agreement and are structured as a hybrid between a Build Own and Operate (BOO) and Build Operate and Transfer (BOT) model. At the end of the 20-year concession period, the public assets will be returned to the Ministry of Energy (17).
Target Locations
Sierra Leone: Northern Province
Sierra Leone: Eastern Province
Sierra Leone: Southern Province
References
- (1) Sustainable Development Report. SDG Index. 2022. https://dashboards.sdgindex.org/profiles/sierra-leone
- (2) University of Notre Dame. ND-GAIN Index. Accessed from: https://gain.nd.edu/our-work/country-index/rankings/
- (3) GoSL. 2021. Updated Nationally Determined Contribution (NDC). Accessed from: https://unfccc.int/sites/default/files/NDC/2022-06/210804%202125%20SL%20NDC%20%281%29.pdf
- (4) GoSL. 2019. Sierra Leone’s Medium-Term National Development Plan 2019 - 2023. https://www.slurc.org/uploads/1/0/9/7/109761391/sierra_leone_national_development_plan.pdf
- (5) GoSL. 2015. National Energy Efficiency Action Plan of the Republic of Sierra Leone. http://www.se4all.ecreee.org/sites/default/files/ll.sierra_leone.neeap.05.2016.pdf
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