Miga Issues $26 Million in Guarantees to Escotel Mauritius’ Solar Investment
The Multilateral Investment Guarantee Agency (MIGA) has issued guarantees of up to $25.6 million to Escotel Mauritius covering its investments in solar power generation in Liberia and Sierra Leone for a period of up to ten years.
The MIGA guarantees provide protection to Escotel Mauritius against the risks of Transfer Restriction, Expropriation, and War and Civil Disturbance.
MIGA’s guarantees will support the provision of electricity and logistical services to power existing and future cell phone towers (Telecommunication Network Sites or TNS) in Liberia and Sierra Leone.
The Escotel projects will be providing power through considerably more efficient and climate-friendly power solutions by installing photovoltaic solar panels at each TNS that will either supplement or replace entirely the diesel generators.
This will allow the telecommunication operator to modernise and expand the scope and quality of its services and will have a significant impact since providing power to TNS currently represents about 50% of the total operating costs due to unreliable supply and heavy reliance on expensive diesel generators. Of the $25.6 million in guarantees, $13.5 million is for Escotel (SL) Limited in Sierra Leone, and $12.06 million is for Escotel Liberia Inc.