In its Country Report No. 19/218, the International Monetary Fund (IMF) has said that the country’s growth and development is being challenged by limited access to affordable and reliable electricity supply. Biomass, mostly from wood and charcoal, constitutes the major source of energy (about 80 percent), with resultant deforestation and environmental degradation. The importation of petroleum products (about 13 percent of the country’s energy) uses a significant amount of foreign currency. The large-scale Bumbuna 1 Hydro Project generates around 40 percent of Freetown’s energy. The Government of Sierra Leone unbundled the power sector in 2015 and created new state utilities. The Electricity Generation and Transmission Company (EGTC), together with independent power producers, are exclusively restricted to electricity generation and transmission.