Barcelona, Spain- The World Bank Group has greenlit a substantial $45 million injection into Liberia’s Renewable Energy Solar Power Intervention Project (RESPITE), announced Vice President Jeremiah Koung’s Office on Wednesday.
This funding marks a pivotal advancement in Liberia’s renewable energy ambitions.
It aims at financing the country’s maiden 20-megawatt solar PV initiative and bolstering the Mount Coffee hydropower plant’s capacity from 88 to 129 megawatts.
The project’s total budget stands at an impressive $96 million.
During discussions at the Africa Energy Forum in Barcelona, Mr. Ashish Khanna, Practice Manager for West and Central Africa at the World Bank Group, lauded Liberia’s strides under President Boakai’s leadership, highlighting a 30% reduction in distribution losses and over 500,000 new household connections.
Vice President Koung extended gratitude to the World Bank Group for their unwavering support in tackling Liberia’s energy challenges, emphasizing its pivotal role in enhancing national electrification efforts.
He urged immediate measures to combat impending electricity shortages as Liberia braces for the dry season.
VP Koung’s presence at the Africa Energy Forum underscores Liberia’s commitment to leveraging international partnerships for transformative energy sector growth.
The Forum, spanning June 25-28, 2024, gathers government officials and industry leaders to explore avenues for expanding energy cooperation across Africa.
