By K. Ericson Sayee
MONROVIA, June 9 (LINA) – Pres. Joseph N. Boakai, Sr. has submitted a US$57 million additional financing agreement between the Republic of Liberia and the International Development Association aimed at rapidly expanding grid-connected renewable energy capacity and regional energy integration among participating countries.
The project, according to the Liberian leader, will support the construction of a 30 Megawatts Solar Power Plant with 12 MWH battery storage, including associated transmission lines for grid connection at Mount Coffee Island (MCISP).
In addition, the President says it will execute contracts for design, supply, and installation (DSI), as well as operation and maintenance for one to three years; and expansion of the Mount Coffee Hydro Power Plant (MCHPP) by adding 42 MW capacity, through the supply and installation of four turbines each with a maximum capacity of 10.5 MW.
In a formal request to plenary of the House of Representatives dated Thursday, May 28, 2026, during the House’s sixth day sitting, the Liberian Chief Executive disclosed that under this agreement, the IDA intend to extend to Liberia a credit, which requires a concessional financing in the tone of US$57 million to implement the project.
According to him, the Maximum Commitment Charge Rate of one-half of one percent per annum on the unwithdrawn financing balance, with payment dates set as of February 15 and August 15 in each year.
“Honorable Speaker, I urge the legislature to ratify this financing agreement which will strengthen our energy sector,” the President stated.
As energy and power are at the core of rapid development of the country, the deal seems positive as the country is exploring significant means to stabilize power supply in the country.
Following the reading, Rep. Dixon Seboe of Montserrado County District #16 made a motion that–due to the sensitive nature of the communication relating energy sector– the agreement should be forwarded to the Committees on Investment and Concession, Way Means and Finance, Contract and Monopoly, Mines and Energy, and Utility to report to the House next Thursday.
After the motion being raised and seconded, the House of Representatives mandated the aforementioned committees to review the concession and report to plenary in the specific timeframe given in the motion.