General Electric Company (NYSE:GE) announced today that the government of Equatorial Guinea has selected GE to provide the energy storage system for a new 5-megawatt solar microgrid, the largest self-sufficient solar power system in Africa.
General Electric, along with MAECI Solar and Princeton Power Systems, will build a solar farm on Equatorial Guinea's Annobon island province, creating enough electricity to meet 100% of the island's current demand, according to GE. Currently, the island's 5,000 residents have access to reliable electricity for five hours per day, and spend around 15% to 20% of their total income on additional electricity, the company said.
"We're excited to be a part of this historic project for Annobon Province and Equatorial Guinea," said Jeff Wyatt, General Manager of GE's solar and energy storage business, in today's press release. "GE's energy storage technology will help enable reliable, predictable power for the residents of Annobon through balancing the real-time supply and demand of solar and withstanding extreme heat environments without the need for air conditioning. This is an ideal technology for microgrids like Annobon Island."
Although the press release did not note an operation date for the project, this initiative comes as part of Equatorial Guinea's larger "National Economic Development Plan Horizon 2020," which aims to put the country on the "emerging market map" by 2020.
Justin Loiseau owns shares of General Electric Company. The Motley Fool owns shares of General Electric Company. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.