(Business in Cameroon) - Norwegian company Scatec, which built the Maroua and Guider solar plants in northern Cameroon, has secured financing of just over CFA60 billion ($100 million) from the International Finance Corporation (IFC) for other similar projects in the country.

In a December 13 statement, Release, the subsidiary through which the Norwegian solar project developer obtained financing, explained that the loan is accompanied by a guarantee facility of nearly CFA40 billion ($65 million) to cover the payment of bills from Scatec's clients on these projects. "(...) Release is actively exploring additional opportunities in Cameroon, Liberia, and the rest of West- and Central-Africa, reinforcing its commitment to advancing renewable energy solutions across the African continent and other select markets,” says Release CEO Hans Olav Kvalvaag. Reliable sources also reported that Scatec is currently finalizing two new solar projects in northern Cameroon. These two plants, we learn, are expected to have a total production capacity of 25 to 30 MW. The financing and guarantee obtained from the IFC further clear the way to facilitate the realization of these projects.

The effective implementation of these two projects currently under discussion with the Cameroonian government should allow Scatec to strengthen its status as both a pioneer and a leader in solar energy in the country. The Maroua and Guider solar plants, inaugurated in September 2023 constitute the very first large-scale solar project carried out in Cameroon. Since these infrastructures began to function properly with the first injection of megawatts into the Northern Interconnected Network (RIN) at the end of 2022, the regions of North, Adamaoua and Far North, which make up the RIN, have no longer experienced the usual power cuts due to production shortfalls.

As a reminder, about 3 years ago, the aforementioned modular solar plants only injected between 15 and 18 MW into the grid. Also, the arrival of these energy infrastructures results in "the shutdown of thermal power plants formerly used to reinforce production in this part of the country, thus generating budgetary savings for the state," Minister Gaston Eloundou Essomba explained.