25 September 2020

GET.invest Finance Catalyst client signs financing agreement for 82 MW solar project Guinea

CleanPower Generation, a Germany-based developer of renewable energy solutions in sub-Saharan Africa, has signed a financing agreement with Frontier Energy, a fund of the Frontier Investment Management Company. The signing ceremony on 22nd September for the three linked solar projects totaling 82 MW in Guinea comes ten months after the Guinean Minister of Energy signed the concession agreement in the presence of German Chancellor Angela Merkel and ten African heads of state at the G20 Compact with Africa Summit.

The signature of the financing agreement is a milestone in the project journey that started three years ago: Since 2017, CleanPower Generation has been developing the on-grid solar projects in the port city of Kamsar and in the administrative centre of the city of Boké. As one of the first large-scale PV projects in Guinea, CleanPower Generation will contribute significantly to Guinea’s aim to produce 30% of its energy from renewable sources by 2030.

GET.invest has been supporting CleanPower Generation since July 2019. The programme’s Finance Catalyst advisors focused on liaising with financiers and designing a financial model which meets their expectations. They were also actively involved in the negotiation process of the concession agreement. “The advisors and I have been working closely on this project. Their input, the professional financial model and their ‘finance speak’ during conference calls has helped a great deal. In addition, being a GET.invest-supported project built reputation with potential financiers”, said Marcus Miller of CleanPower Generation.

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GET.invest Finance Catalyst

GET.invest and its Finance Catalyst service are supported by the European Union, Germany, Sweden, the Netherlands, and Austria. Partners for Innovation implements the Finance Catalyst service on behalf of GET.Invest.

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