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This news comes after the US International Development Finance Corporation announced the first disbursement out of a USD 292 million loan that will support the development of the project, along with the Ecowas Bank of Investment and Development which also disbursed from its USD 40 million USD loan.
The Nant Project will supply reliable electricity to address the country’s critical long-term power needs and is intended to provide a reliable, cleaner energy solution for the country. The Project is fully aligned with Sierra Leone’s Just Energy Transition and Green Growth Plan and will also play a key role in keeping the lights on as the country transitions to more intermittent sources of renewable energy generation.
Bashir Bassatne, Chief Executive of BB Energy Downstream commented: “This milestone marks the culmination of 12 years of effort from the Government of Sierra Leone, the BB Energy team, TCQ and all the other partners. It highlights the benefits of a team working together to find solutions and stay focused on its long-term commitment and vision.
“The Nant LPG Power plant in Sierra Leone is part of BB Energy’s plans to expand its footprint in the region and promote the switch to cleaner energy in Africa.
“As a reliable source of long-term demand for LPG, the Nant Project will unlock opportunities for other power projects, industries and mines in the region to meet their energy needs through the use of LPG. Our vision is to provide solutions and make cleaner energy available, reachable and affordable for households by facilitating the switch to the use of LPG for their cooking needs instead of charcoal and wood, which is used currently.”
“We are very proud to have worked with the Government of Sierra Leone and the US International Development Finance Corporation and other International Finance Institutions to reach this important milestone for Sierra Leone and its people.”
Karim Nasser, Chief Executive of TCQ Power Ltd, said: “On behalf of TCQ and our esteemed partners on this project, we extend our deepest gratitude to BBE for their exceptional effort, unwavering commitment, and invaluable partnership in bringing this groundbreaking initiative to fruition. Throughout the development period, BBE demonstrated exemplary dedication, working tirelessly alongside us to navigate the complexities of this initiative and devise pragmatic solutions to overcome significant challenges.
“We would like to extend a special thank you to the BB Energy team for their instrumental role in driving this deal forward.
“This project stands as a testament to the power of collaboration and innovation, and BBE’s role has been pivotal in turning vision into reality. Their expertise, professionalism, and problem-solving approach have been nothing short of exemplary.
“Looking ahead, we are excited about the opportunity to expand our partnership with BBE on future ventures across the continent. Together, we aspire to illuminate lives, power communities, and bring sustainable energy solutions to those who need it most.”
ENDS
About BB Energy
BB Energy was founded by the Bassatne Family in the 1960s; with an operational history of more than 50 years. Over the last decade, the Group has expanded its trading operations and is now considered one of the leading independently owned energy trading companies globally. The Group is primarily engaged in trading crude, refined oil products, LNG, LPG and is further diversifying into the renewable space. While BB Energy remains a physical trader, it has also invested in midstream and downstream assets.
Today, BB Energy is a dynamic independent energy trading company with key trading hubs in London, Brussels, Dubai, Houston, and Singapore. The company has approximately 370 professionals in more than 10 offices worldwide and around 500 employees including the downstream businesses. In the last financial year, 2023, BB Energy traded volumes of around 25 million tons of crude, petroleum products and gas which resulted in a turnover of approx. USD 18.5 billion.
About TCQ
TCQ Power is a turnkey power project developer specializing in early-stage conceptualization and execution, with a strategic focus on the MENA and Sub-Saharan Africa markets. By fostering robust partnerships with local governments, suppliers, and stakeholders, TCQ Power ensures early identification and mitigation of project risks, setting the foundation for sustainable long-term solutions. TCQ Power is dedicated to delivering energy projects that drive development, inspire confidence, and contribute to a brighter future.
Matt Willey
BB Energy
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