The Solar Park in Freetown was selected from over 80 competitive project applications and countries for the first funding cycle of the prestigious International Renewable Energy (Irena/ADFD) project facility. All the selected projects contribute towards helping deal with energy security, improved energy access and a broad socio-economic impact.
The engineering procurement and construction (EPC) contract for an US$18 million 6.0 MW solar park to be established in Freetown, Sierra Leone was awarded to Mulk OGI – Oasis Gulf Investment, FZC, part of the Sharjah-based diversified conglomerate affiliated to Mulk Holdings.
The solar park will produce sufficient energy so as to provide electricity to approximately 3,000 households on average in Sierra Leone. The overall performance complies with 8.5% of Sierra Leone’s total energy consumption. The goal is to achieve 25% of the country’s energy generation from renewable sources by 2015.
The global residential solar storage and inverter market is experiencing rapid expansion, with demand increasing by over 300% in the past three years. Home energy storage solutions now account for approximately 35% of all new residential solar installations worldwide. North America leads with 38% market share, driven by homeowner energy independence goals and federal tax credits that reduce total system costs by 26-30%. Europe follows with 32% market share, where standardized home storage designs have cut installation timelines by 55% compared to custom solutions. Asia-Pacific represents the fastest-growing region at 45% CAGR, with manufacturing innovations reducing system prices by 18% annually. Emerging markets are adopting residential storage for backup power and energy cost reduction, with typical payback periods of 4-7 years. Modern home installations now feature integrated systems with 10-30kWh capacity at costs below $700/kWh for complete residential energy solutions.
Technological advancements are dramatically improving home solar storage and inverter performance while reducing costs. Next-generation battery management systems maintain optimal performance with 40% less energy loss, extending battery lifespan to 15+ years. Standardized plug-and-play designs have reduced installation costs from $1,200/kW to $650/kW since 2022. Smart integration features now allow home systems to operate as virtual power plants, increasing homeowner savings by 35% through time-of-use optimization and grid services. Safety innovations including multi-stage protection and thermal management systems have reduced insurance premiums by 25% for solar storage installations. New modular designs enable capacity expansion through simple battery additions at just $600/kWh for incremental storage. These innovations have improved ROI significantly, with residential projects typically achieving payback in 5-8 years depending on local electricity rates and incentive programs. Recent pricing trends show standard home systems (5-10kWh) starting at $8,000 and premium systems (15-20kWh) from $12,000, with financing options available for homeowners.