Release solar PV power containers and battery storage solutions portfolio

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The project involves the development of a solar PV and battery storage portfolio in Chad and Cameroon, which will reduce overall carbon emission reductions by 62,200 tons per annum. Sponsor is Release, a pre-assembled, modular solar PV power containers and battery storage solutions provider, fully owned by Scatec. The portfolio includes a 35 MW solar and 20 MWh battery project in N’djamena, Chad, for which a lease contract has already been executed. Additionally, Release's operational projects in Northern Cameroon, comprising 36 MW of solar PV and 20 MWh of batteries, will be part of the financing. The funding is composed of a $50 million senior debt from IFC's internal funds and an additional $50 million in blended finance. The blended finance package consists of $25 million from the Canada-IFC Renewable Energy Program for Africa, $15 million from the Finland-IFC Blended Finance for Climate Program, $5 million from the Canada-IFC Blended Climate Finance Program, and $5 million from the International Development Association's Private Sector Window (IDA PSW) Blended Finance Facility. Furthermore, the IDA PSW Risk Mitigation Facility will offer an up to $65 million Liquidity Support Guarantee, with a portion earmarked for the initial sub-project set to be implemented in Chad. Financial close was achieved on December 13, 2023. https://releasesolar.com/author/kine/ https://scatec.com/2023/12/13/release-by-scatec-partners-with-ifc-for-clean-and-affordable-power-to-africa/ https://pressroom.ifc.org/all/pages/PressDetail.aspx?ID=27929