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Release by Scatec has signed two new lease agreements with Cameroon’s national electricity company, ENEO, expanding its solar and battery storage power plants in the country to 64.4 MW of solar power and 38.2 GWh of battery capacity. In September 2023, Release completed the existing solar plants in Maroua and Guider, Cameroon, which included 35.8 MW of solar power and 19 MWh of battery energy storage (BESS). The expansion now adds 28.6 MW of solar power and 19.2 MWh of battery storage. The Maroua and Guider plants utilize the innovative Release solution featuring movable panels and batteries, deployed under a simple and flexible leasing contract. Funding for these projects is secured through last year’s capital raise, which saw Climate Fund Managers acquire a 32% equity stake.
Upon completion of the project extensions, Release’s total projects will provide energy to approximately 200,000 households in Cameroon, as estimated by ENEO. This will result in an annual electricity production of around 141.5 GWh. With the added storage capacity, the installation will ensure a stable electricity supply even during peak hours.
“This extension is a testimony to the success of the initial projects and to the benefits provided by our innovative offering. By increasing the installed capacity in the country, we are reaffirming our collaboration with ENEO and our commitment to Cameroon as a key market for our solutions,” says Hans Olav Kvalvaag, CEO at Release.
“In addition to improving electricity supply in Cameroon and significantly reducing the cost and CO2 emissions from alternative generation based on diesel supply, these pioneering leasing contracts with ENEO are serving as a model for access to affordable clean energy for other countries and large energy consumers in the region. We have the funding available to support significant growth and expect to close and start implementing several additional projects from our pipeline in the coming months,” added Kvalvaag.
“ENEO Cameroon has renewed its trust in its partner Release by Scatec to double the capacity of the solar power plants in Guider and Maroua. This move will enable Eneo to further secure power generation in the Northern regions while also improving service quality for households and the industrial sector in these regions. This new step towards more reliable and carbon-free energy is part of Eneo’s strategy, which is central to its continued efforts, under the auspices of the Government of Cameroon, to sustainably improve on the power available in Cameroon,” noted Amine Homman Ludiye, CEO of ENEO Cameroon.
“Our successful partnership with Release by Scatec has greatly benefited the local population in northern Cameroon by eliminating blackouts. This new project will further reduce our dependency on diesel and save the government millions of dollars in fuel costs,” noted H.E. Gaston Eloundou Essomba, Minister of Water and Energy, Republic of Cameroon. |
