Washington D.C, United States, October 16, 2025 — To boost electricity generation and support sustainable development in Africa, IFC, a member of the World Bank Group, today announced a partnership with Release by Scatec to roll out battery and solar power systems in Liberia and Sierra Leone, bringing reliable power to tens of thousands of homes and businesses in each country.
Under new lease agreements, Release will deploy battery and solar photovoltaic units to add 24 megawatts (MW) of power in Liberia and 41 MW in Sierra Leone. Once operational, the project will expand electricity access for communities in Liberia and Sierra Leone, helping connecting thousands of new households to the grid and improving reliability for existing users. This marks a major step toward addressing the region’s chronic energy gap, where only 33 percent of Liberians and 36 percent of Sierra Leoneans currently have access to electricity
The projects are supported by a $100 million IFC financing package, comprising $50 million in senior debt for Release by Scatec from IFC’s own account, and $50 million in blended finance from various programs.
We are very pleased to partner with IFC and the governments of Liberia and Sierra Leone to help address urgent energy needs with scalable, clean technology,” said Hans Olav Kvalvaag, CEO of Release by Scatec. “These projects demonstrate how innovative models like Release can be rapidly deployed to expand access to reliable electricity, and we appreciate our partners’ determination to move quickly and make this collaboration a success.”
““This partnership marks an important step toward expanding access to reliable, affordable, and sustainable electricity in Liberia. By combining public and private expertise, we can accelerate progress in meeting our country’s growing energy needs and lay the foundation for stronger economic opportunities for our people.”
— Augustine Kpehe Ngafuan, Minister of Finance and Development Planning, Liberia, and Mohammed M. Sherif, CEO of Liberia Electricity Corporation
“Expanding access to electricity is essential to Sierra Leone’s economic transformation and long-term resilience,” said Hon. Sheku Ahmed Fantamadi Bangura Sierra Leone’s Minister of Finance. “By investing in renewables, we are reducing costs, protecting the environment, and empowering communities. We value IFC’s leadership in making this partnership possible.”
“Affordable and reliable energy is a cornerstone of social development and economic transformation,” said Nathalie Kouassi Akon, IFC’s Division Director for West Africa Gulf of Guinea. “Through this partnership with Release by Scatec, we are delivering a scalable solution that brings renewable power to where it’s needed most, helping businesses grow, creating jobs, and supporting climate resilience across Liberia and Sierra Leone. This initiative directly contributes to the World Bank Group’s Mission 300.”
Release, majority-owned by Scatec ASA, was co-developed with IFC in 2020 to pilot a flexible leasing model for renewable energy deployment across Africa. The approach enables utilities to rapidly deploy and scale clean power solutions, bridging the gap between short-term energy needs and long-term infrastructure goals.
Scatec ASA is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy in emerging markets. It develops, builds, owns, and operates renewable energy plants, with 6.2 GW in operation and under construction across five continents.
The Canada-IFC Renewable Energy Program for Africa, the Finland-IFC Blended Finance for Climate Program, the Canada-IFC Blended Climate Finance Program, and the IDA Private Sector Window (PSW) supported the initiative. IFC also provided up to $65 million in Liquidity Support Guarantees under the IDA PSW Risk Mitigation Facility to help implement Release projects across several African countries.
In Liberia, IFC’s $13.7 million portfolio focuses on agribusiness, manufacturing, and now energy. In Sierra Leone, IFC’s $46 million portfolio supports agribusiness and financial inclusion. The Release projects are among IFC’s first anchor investments in both countries’ energy sectors.
These investments underscore IFC’s commitment to advancing Mission 300, a World Bank Group led initiative that aims to connect 300 million people in sub-Saharan Africa to electricity by 2030 by mobilizing private capital to bridge Africa’s energy gap and drive sustainable, inclusive growth.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
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About the IDA Private Sector Window
The International Development Association’s Private Sector Window (IDA PSW) was launched in 2017 to catalyze private sector investment in the poorest and most fragile countries. Recognizing the key role of the private sector in creating jobs and promoting economic transformation, the window provides a source of co-investment funding and guarantees to de-risk private investments supported by the World Bank Group’s International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA). The IDA PSW is an option when there is no commercial solution and the Bank Group’s other tools are insufficient. For more information, visit: http://ida.worldbank.org/psw.
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