On 28 February 2019, Caspian Pacific Group (CPG) through its operating company Caspian Pacific Sierra Leone signed a Memorandum of Understanding (MOU) with the Government of Sierra Leone through the Ministry of Energy to generate, transmit and distribute 40MW (scalable to 100MW) of electricity to the above mentioned 7 provinces in Sierra Leone. Funding for this project is being managed by United Capital Plc. who also doubles as financial advisors to this transaction. United Capital Plc. is the investment banking arm of United Bank for Africa (UBA) Plc.

The Sierra Leone Solar Power Project is therefore divided into seven projects based on its locations with each project to be operated independently as an Independent Power Company
The project locations are as stated below.

Sierra Leone Photovoltaic (PV) Solar Power Plants, its distribution, storage, and logistics infrastructures are expected to cost approximately US$150 million which shall be financed by a combination of debt and equity in the ratio of 90: 10.

African Development Bank (AfDB); African Finance Corporation (AFC); and USAID are potential multilateral lenders being considered for this project debt financing.

Environmental Impact

The following environmental impact is expected from this project:

1. 90% Reduction in Greenhouse Emissions: Power is being generated across the seven project locations using fossil fuels such as diesel and other hydrocarbons. This project will make use of renewable energy in the in the form of photovoltaic (PV) solar panels which is expected to reduce greenhouse emissions by almost 90% vs the current emission rate.
2. Efficient Use of Renewable Energy: When it comes to efficiency, commercial solar panels have seen remarkable advancements in recent years. With the rapid development of cutting-edge technologies and innovative research, the efficiency of solar panels has significantly increased. The latest solar panels can convert sunlight into electricity with an efficiency of around 15-20%. On the contrary, fossil fuels have inherent energy losses during extraction, transportation, and conversion processes. Traditional power plants that burn fossil fuels usually have an efficiency of around 33-48% when converting fuel energy to electricity. However, when it is used, it is gone for good.
3. Significant Reduction on Global Warming and Climate Change: Burning fossil fuels releases carbon dioxide as a byproduct, which becomes trapped in the atmosphere, leading to heat retention. This heat retention, in turn, brings about significant changes in the climate, ultimately resulting in global warming. This pressing issue poses a grave threat to humanity worldwide. Our technology reduces global warming significantly.
4. Improved Air Quality: Solar energy is a clean and green alternative to fossil fuels, as it produces no greenhouse gas emissions or air pollutants. This contributes to a cleaner environment and helps to combat climate change.