Solar Powered Cold Storage

Solar Powered Cold Storage

Photo by UNDP Sierra Leone / Geoffrey Buta

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Solar Powered Cold Storage
Solar Powered Cold Storage
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SectorMost major industry classification systems use sources of revenue as their basis for classifying companies into specific sectors, subsectors and industries. In order to group like companies based on their sustainability-related risks and opportunities, SASB created the Sustainable Industry Classification System® (SICS®) and the classification of sectors, subsectors and industries in the SDG Investor Platform is based on SICS.
Food and Beverage
Food and Agriculture
Business Model Description

Construct solar powered cold storage containers for the storage of agricultural products via pay-for-use models. Increased cold storage results in less overall food waste with resulting income and environmental benefits (9).

Expected Impact

Achieve positive outcomes on farmer income, as well as decreased CO2 emissions through adoption of renewable energy sources as well as the decreased food waste.

How is this information gathered?
Updated: 27 Nov, 2023
Sierra Leone
Indicative ReturnDescribes the rate of growth an investment is expected to generate within the IOA. The indicative return is identified for the IOA by establishing its Internal Rate of Return (IRR), Return of Investment (ROI) or Gross Profit Margin (GPM).
15% - 20% (in IRR)
Investment TimeframeDescribes the time period in which the IOA will pay-back the invested resources. The estimate is based on asset expected lifetime as the IOA will start generating accumulated positive cash-flows.
Medium Term (5–10 years)
Market SizeDescribes the value of potential addressable market of the IOA. The market size is identified for the IOA by establishing the value in USD, identifying the Compound Annual Growth Rate (CAGR) or providing a numeric unit critical to the IOA.
USD 100 million - USD 1 billion
Average Ticket Size (USD)Describes the USD amount for a typical investment required in the IOA.
USD 1 million - USD 10 million
Direct ImpactDescribes the primary SDG(s) the IOA addresses.
Zero Hunger (SDG 2) Affordable and Clean Energy (SDG 7) Responsible Consumption and Production (SDG 12)
Indirect ImpactDescribes the secondary SDG(s) the IOA addresses.
Decent Work and Economic Growth (SDG 8) Gender Equality (SDG 5)

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Sector Sources
  • 1) IMF. 2022. Sierra Leone: 2022 Article IV Consultation and Fifth Review. 2) International Trade Administration. 2021. Sierra Leone - Country Commercial Guide 3) Government of Sierra Leone. 2019. Sierra Leone’s Medium-Term National Development Plan 2019 - 2023. 4) Government of Sierra Leone. 2021. Updated Nationally Determined Contribution (NDC). 5) Government of Sierra Leone. 2022. Customary Land Rights Act. 6) FAO. 2018. Country Gender Assessment Series: National gender profile of agriculture and rural livelihoods, Sierra Leone. 7) National Agricultural Transformation. Strategy 2019-2023 8) FAO, Sierra Leone. Access through https://www.fao.org/sierra-leone/programmes-and-projects/ru/.
IOA Sources
  • 9) Takeshima et al. 2021. Solar-Powered Cold-Storages and Sustainable Food System Transformation. Evidence from Horticulture Markets Interventions in Northeast Nigeria. IFPRI Discussion Paper. 10) AkoFresh. Access through https://www.akofresh.com/ 11) World Bank, Sierra Leone. Accessed through https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=SL 12) FAO. 2019. The State of Food and Agriculture: Moving Forward on Food Loss and Waste Reduction. 13) WFP. 2019. Draft Sierra Leone country strategic plan (2020–2024). Accessed from: https://executiveboard.wfp.org/document_download/WFP-0000106354 14) World Bank, Sierra Leone. Accessed through https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=SL 15) Sierra Leone Investment and Export Promotion Agency (SLIEPA), Invest in Sierra Leone - Incentives. Accessed through https://www.sliepa.gov.sl/invest-in-sierra-leone/all-incentives "16) DTU. 2017. Cold storage rooms for Sierra Leone farmers. Accessed from: https://www.dtu.dk/english/news/all-news/nyhed?id=008583CF-EB74-4AA2-AA52-D92094EE370A " 17) Swissinfo. 2009. Once "very promising", Sierra Leone struggles. Accessed from: https://www.swissinfo.ch/eng/once--very-promising---sierra-leone-struggles/7131594 18) UNICEF. 2022. Delivery of solar powered refrigerators to improve vaccine coverage in Sierra Leone. Accessed from: https://www.unicef.org/sierraleone/stories/delivery-solar-powered-refrigerators-improve-vaccine-coverage-sierra-leone 19) FreshPlaza. 2022. ColdHubs wants to expand beyond Nigeria. Accessed from: https://www.freshplaza.com/europe/article/9442747/coldhubs-wants-to-expand-beyond-nigeria/ 20) USAID. 2022. Power Africa Nigeria Power Sector Programme: Productive Use Cold Storage Systems in Nigeria. Accessed from: https://pdf.usaid.gov/pdf_docs/PA00Z8X7.pdf 21) Lighting Global. 2022. Off-Grid Solar Market Trends Report 2022: State of the Sector. Accessed from: https://documents1.worldbank.org/curated/en/099235110062231022/pdf/P175150063801e0860928f00e7131b132de.pdf 22) Conteh et al. 2015. The determinants of grain storage technology adoption in Sierra Leone. Accessed from: https://www.cahiersagricultures.fr/articles/cagri/pdf/2015/01/cagri2015241p47.pdf 23) Shell Foundation. 2019. The cold chain opportunity: reducing postharvest losses and increasing market access for rural farmers. Accessed from: https://shellfoundation.org/feature_posts/the-cold-chain-opportunity/ 24) Food and Agriculture Organisation. 2018. Sierra Leone Integrated Household Survey. Accessed from: https://www.fao.org/3/cc0136en/cc0136en.pdf 25) UNDP Stakeholder Consultations, April 25, 2023, May 10, 2023, and June 1, 2023 26) Word Bank Website. Accessed from: https://data.worldbank.org/indicator/SN.ITK.DEFC.ZS?locations=SL 27) WFP. 2022. Sierra Leone Annual Country Report 2022. Accessed from: https://docs.wfp.org/api/documents/WFP-0000147998/download/ 28) SLIEPA Website. Available incentives in Sierra Leone. Accessed from: https://www.sliepa.gov.sl/invest-in-sierra-leone/all-incentives 29) KPMG Website. Accessed from: https://kpmg.com/ke/en/home/services/advisory/international-development-advisory-services/our-sectors-idas/agribusiness-sector/sierra-leone-agribusiness-development-fund.html 30) EEP Africa. https://eepafrica.org/ 31) SGP The GEF Small Grants Programme Website. Accessed from: https://sgp.undp.org/spacial-itemid-projects-landing-page/spacial-itemid-project-search-results/spacial-itemid-project-detailpage.html?view=projectdetail&id=21584 32) Regional consultation workshop, Freetown, Sierra Leone. March 28, 2023. 33) Government of Sierra Leone. 2016. Renewable Energy Policy of Sierra Leone. http://www.energy.gov.sl/PR_Renewable%20Energy%20policy%20of%20SL_FINAL%20for%20Print.pdf 34) Government of Sierra Leone. National Energy Strategic Plan. 2009. http://www.ecowrex.org/system/files/repository/2009_energy_strategic_plan_-_min_ener.pdf 35) Sustainable Energy for All. Increasing Energy Access in Sierra Leone. March 2021. https://www.seforall.org/publications/increasing-energy-access-in-sierra-leone 36) ENS. Africa Tax in Brief. https://www.ensafrica.com/news/detail/5283/africa-tax-in-brief- 37) Government of Sierra Leone. The Fishery Product Regulations. 2007.