MAURITIUS – The Multilateral Investment Guarantee Agency (MIGA) has issued guarantees of up to US$25.6 million to Escotel Mauritius covering its investments in solar power generation in Liberia and Sierra Leone for a period of up to ten years.
The MIGA guarantees provide protection to Escotel Mauritius against the risks of Transfer Restriction, Expropriation, and War and Civil Disturbance.
Escotel projects will be providing power through considerably more efficient and climate-friendly power solutions by installing photovoltaic solar panels at each TNS that will either supplement or replace entirely the diesel generators.
This will allow the telecommunication operator to modernise and expand the scope and quality of its services and will have a significant impact since providing power to TNS currently represents about 50% of the total operating costs due to unreliable supply and heavy reliance on expensive diesel generators.
“We are proud to help operators reduce reliance on fossil fuels, giving people better access to telecommunication services and supporting economic transformation, and are looking forward to implementing this model in other geographies”Michel Hubert – CEO, Escotel Mauritius
MIGA’s support for these projects will yield significant climate mitigation benefits and It is expected that 600 TNS will be modernised by 2028 in Sierra Leone, resulting in an avoidance of more than 58,000 tons of CO2 equivalent (CO2e) emissions over the period.
In Liberia, nearly 158,000 tons of CO2 emissions will be avoided by the modernisation of 612 TNS over the same period.
Only 12% of the 4.8 million Liberians, and less than 20% of residents in the capital, Monrovia, have access to electricity.
“We are proud to help operators reduce reliance on fossil fuels, giving people better access to telecommunication services and supporting economic transformation, and are looking forward to implementing this model in other geographies,” he added.