Vice President Jeremiah Kpan Koung chaired the inaugural meeting of the St. Paul River 2nd Hydro Power (SP2) Steering Committee on Wednesday, October 9, 2024 at the Tea House of the Executive Mansion.
Established by President Boakai, the Committee is tasked with reviewing the hydro project’s viability and economic returns to address the nation’s pressing electricity challenges. As the dry season approaches, the Committee will also explore immediate solutions to mitigate energy shortages.
The St. Paul River 2nd Hydro project is projected to cost approximately USD 700 million and is expected to generate between 200 to 250 megawatts of energy. The project has secured full financing commitments from the World Bank and the European Investment Bank, with operations anticipated to commence in 2027.
In the interim, the Steering Committee, in collaboration with development partners, is evaluating options for immediate solutions, including the potential for external power purchases through the CLSG lines during the dry season.
Key stakeholders at today’s meeting included representatives from the World Bank, the European Investment Bank, and ambassadors from the United States, the United Kingdom, Ireland, and Sweden. Vice President Koung praised the ongoing support from development partners for Liberia’s energy sector and urged for decisive actions to close electricity gaps this dry season.
He highlighted that achieving the ARREST Agenda is unattainable without reliable electricity, emphasizing that energy is fundamental to all development sectors and crucial for attracting investment and creating jobs.
