IPT secures investment from Finnfund to improve energy efficiency in Lebanon and Guinea

IPT secures investment from Finnfund to improve energy efficiency in Lebanon and Guinea

Energy solutions provider IPT PowerTech Group has received a round of financing from Finnfund, DEG, Proparco and the European Investment Bank that will allow it to modernise the energy supply infrastructure in Lebanon and Guinea. 

In emerging economies, the lack of reliable power to cellular tower sites is the single biggest obstacle to reliable mobile phone services. Cellular towers located in areas without access to reliable electricity grids – or any electricity grid at all – have to be powered by diesel generators with high operating costs and environmental impacts.

IPT’s hybrid solution uses solar panels and storage media to save up to 40% of energy and reduce diesel consumption significantly. The annual CO2 emission reductions have been calculated AT 115,000 tons per year. Batteries will store excess power so that green energy is available at any time of the day. 

“Fragile countries and renewable energy solutions are at the core of Finnfund’s strategy”, says Finnfund’s Senior Investment Manager Jussi Ahonen. “Besides the obvious reduction of CO2 emissions, this investment will generate local economic activity and contribute to employment generation.”

Currently, IPT already operates 4,500 telecommunication towers according to the TESCO (Telecom Energy Service Company) model. A further 1,000 towers will be added under the project. Installing and maintaining the energy equipment at thousands of telecom towers is labour-intensive and requires mostly skilled workers, thus generating employment opportunities for local communities.

IPT currently employs 4,500 people, with 1,950 further direct and indirect jobs being created or secured as a result of the forthcoming investment.

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