The first renewable energy project by Multilateral Investment Guarantee Agency (MIGA) in Somalia shows signs of life.
MIGA, a subsidiary of the World Bank Group, covered Kube Energy’s equity with a guarantee of up to $5.67 million.
The funds, which also cover Kube Energy Somalia LLC’s debt investments, will run for the next 15 years.
Somalia joined MIGA in March 2020.
The MIGA funds provide adequate protection against certain risks such as expropriation, war, and civil disturbance.
Through the project, the regional state of Southwest is in line to have its pioneer hybrid solar power plant.
The power plant will be in Baidoa, the administrative capital of the Southwest state.