Fleet management startup, Fleeti, secures US$1.1m in seed funding

SIERRA LEONE – Fleeti, a start-up incubated at Estia and specializing in fleet management in Africa, has raised US$1.1 million from Newfund, Groupe Clim, Janngo, SkalePark, Mapinvest, and business angels. This funding will allow the company to speed up the technological development of their solutions and expand its reach into new markets. Founded in July 2020 by Iban Olçomendy and Gabriel Delerue (both EDHEC grads), Fleeti aims to help companies reduce their fuel consumption and improve the performance of their fleet. Its technology, which combines embedded sensors and SaaS software,…

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AI company Macro-Eyes secures US$2m funding to expand in two additional countries

SIERRA LEONE – Macro-Eyes, a machine learning company increasing access to care, has received US$2.1 million in funding to expand the deployment of STRIATA in collaboration with the Ministry of Health and Sanitation (MoHS) in Sierra Leone and to expand into two additional countries. This additional funding will support two years of STRIATA deployment in Sierra Leone. Strategic rollout and preliminary use cases are being guided by the MoHS through the Intelligent Health Systems Technical Working Group facilitated by Macro-Eyes. The expansion in Sierra Leone will focus on integrating the…

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MFS Africa partners Afrimoney to enter into Sierra Leone’s market

SIERRA LEONE – Mobile money company MFS Africa has entered Sierra Leone via a partnership with mobile network operator Africell’s mobile money business, Afrimoney. As a result of the partnership between MFS Africa and Afrimoney, users of mobile transfer operators that are connected to MFS Africa’s hub, including MoneyGram, World Remit and Xoom, will be able to send money to digital currency mobile wallets within Sierra Leone. The partnership follows Africell’s receipt of a US$105 million commercial loan facility to help drive its African growth plans, last month. MFS Africa’s…

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PowerGen Renewable Energy commissions mini-grids in Sierra Leone

SIERRA LEONE – Solar energy provider PowerGen Renewable Energy is commissioning mini-grids in four communities in Sierra Leone. With a total capacity of 150 kWp, the solar systems were installed in partnership with InfraCo Africa, a finance company of the Private Infrastructure Development Group (PIDG). The solar mini grids recently commissioned by solar energy provider PowerGen Renewable Energy are located in Baoma Koya, Sumbuya, Gorahun and Gegbwema. These installations consist of solar panels, inverters and battery storage systems and are capable of delivering a total of 150 kWp. PowerGen has…

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Sunon Asogli Power to deploy 200MW solar power plants in Sierra Leonne

SIERRA LEONNE – Sunon Asogli Power Ghana Limited, Ghana’s biggest Independent Power Producer, has announced plans to expand to Sierra Leonne with a solar power plant in Freetown. The giant power producer is planning deploy toa 20MWp-50MWp [megawatt power] Solar PV in one year and another 160MW to be known as Benkongor Hydro plant in four years. According to Business Development Manager of the Company, Elikplim Apetorgbor, the expected total investment cost for the two projects is about US$700million. According to him, the 20MWp – 50MWp Solar PV plant deployment…

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World Bank approves US$50m to improve electricity access in Sierra Leone

SIERRA LEONE – The World Bank board of executive directors has approved a US$50 million grant from the International Development Association (IDA) to improve access to electricity in Sierra Leone and enhance institutional capacity and commercial management of the sector. The project will also be co-financed with a US$2.7 million grant by the Japan Policy and Human Resources Development Fund. The Enhancing Sierra Leone Energy Access project will support the country’s post-COVID-19 economic recovery by providing electricity to households, businesses, health clinics and schools. This is a critical part of…

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Escotel secures US$25m from World Bank’s MIGA for solar power generation in West Africa

WEST AFRICA – Escotel Mauritius, an energy services company, has secured a guarantee of up to US$25.6 million from MIGA, a member of the World Bank Group, to cover its investments in solar power generation in Sierra Leone and Liberia 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. MIGA’s guarantees will support the provision of electricity and logistical services to power existing and future cell phone towers (Telecommunication Network Sites…

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SEforALL launches mini-grid funding facility in Sierra Leone and Madagascar

MADAGASCAR – The Universal Energy Facility, a results-based financing facility managed by Sustainable Energy for All (SEforALL), is now officially open with its first wave devoted to supporting mini-grid deployment in Sierra Leone and Madagascar. Companies seeking results-based finance for mini-grid projects in Sierra Leone and Madagascar can now apply for pre-qualification to the facility. Under this scheme, the Universal Energy Facility will disburse $3 million in grant payments to deliver over 6,900 electricity connections based on a results-based incentive of $433 per electricity connection. SEforALL, in collaboration with several…

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Miro Forestry raises US$48m in fundraising round led by CDC to boost sustainable forestry

WEST AFRICA – Miro Forestry, a sustainable forestry and timber business with plantations in Ghana and Sierra Leone, has raised US$48 million in a fundraising round led by UK impact investor, CDC. CDC led the financing round by committing a total of US$12 million while 4 other partners contributed the remaining balance to close the US $48 million fundraising round. According to a statement by CDC, the deal affirms the UK impact investor’s newly launched climate change strategy to prioritise investments that combat the climate crisis. According to the CDC,…

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Sierra Leone’s Joule Africa secures US$6m from InfraCo for Bumbuna II hydroelectric project

SIERRA LEONE – Joule Africa, a developer owner-operator of sustainable power projects across Africa, has secured US$6 million from InfraCo Africa for the implementation of the second phase of the Bumbuna Hydroelectric Project in Sierra Leone. The Bumbuna II hydropower project will involve the construction of a new dam on the Seli River at Yiben, 32 km upstream of the 50MW Bumbuna I dam. The future reservoir will have a surface area of 115 km² , storing enough water effectively run a hydroelectric power station equipped with two turbines. “The…

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