The World Bank’s International Finance Corporation (IFC) is supporting a $1 billion solar energy project by Ghanaian conglomerate LMI Holdings, aimed at increasing the country’s solar generation capacity sevenfold by 2030.
The IFC has lent $130 million to LMI Holdings to partially fund the construction of 1,000 megawatts of solar installations over the next six years, according to LMI Group Chief Executive.
As part of the project’s first phase, 1 million square feet of rooftop solar panels have been installed, generating 16.8 megawatts of electricity. “This is just the first phase and the biggest single-roof solar project in Africa, marking a significant milestone in our journey toward energy independence and environmental stewardship,” said the Chief Executive Kojo Aduhene. “With funding from the IFC, our own resources, and other private investors, we are raising more than $1 billion for the project.”
Ghana had an installed capacity of 5,639 megawatts at the end of last year but struggles to generate enough to meet the peak demand of 3,618 megawatts due to a lack of funds to pay suppliers. A current dispute between the finance ministry and independent power producers over arrears threatens the return of unscheduled blackouts experienced in the first half of the year.
“The project represents our joint commitment to a sustainable and greener future in Ghana,” said Cemile Hacibeyoglu, the IFC’s senior country officer for the nation. “We increasingly recognize the importance of climate change as a defining development issue of our time, and the partnership with LMI Holdings exemplifies this commitment.”
LMI Holdings, with 33 years of experience in Ghana, operates in construction, real estate, warehousing, ICT, and utilities. The company plans to develop 150 megawatts in the second phase, covering 2024, and an additional 833.2 megawatts in the final phase.
Source: Bloomberg
