EAAIF and Ninety One have committed US.15 million to support a solar power project in Ghana.
The funding is part of a US.6 million co-financed debt package with IFC and IDA for a US.6 million project. This initiative will establish a 100 MWp solar PV plant in Dawa, aimed at supplying cleaner energy to over 95 industrial tenants in Dawa and Tema.
Ghana’s Solar Power Project Secures Funding
The Emerging Africa & Asia Infrastructure Fund (EAAIF) has announced a loan commitment of US.15 million to LMI Holdings. This funding will support the development of a solar PV plant in Dawa, Ghana, through its subsidiaries, Solar for Industries Ltd (SFI) and Enclave Power Company Ltd (EPCL).
The project is structured as a corporate facility, with EAAIF contributing US.65 million and Ninety One providing US.5 million from its Africa Credit Opportunities strategy. The solar facility is expected to generate 129.5 GWh annually in its first phase.
Ghana: Key figures on Solar Power Project
- US.15 million loan commitment from EAAIF and Ninety One
- US.6 million total project cost
- 129.5 GWh expected annual generation
Impact on Ghana’s Energy Landscape
The solar facility will provide lower cost clean energy to more than 95 energy-intensive manufacturers in the Tema Free Zone. This project is significant for reducing state off-taker risk and offers a privately led utility model for Africa’s clean energy transition.
Additionally, it supports Ghana’s Renewable Energy Master Plan, which aims to increase the share of renewables in the national generation mix to 10% by 2030. The project aligns with PIDG’s 2023 to 2030 Strategy, focusing on climate finance and private capital mobilization.
Next Steps for the Solar Initiative
- Implementation of the solar PV plant in Dawa
- Integration of the facility into the national grid
- Support for Ghana’s industrial sectors, including cocoa, cement, and steel
This solar power project in Ghana aims to enhance energy access for industrial tenants while promoting sustainability.
