LMI Holdings has secured a $100 million loan from the International Finance Corporation (IFC) to launch the first phase of its ambitious 1000 MW solar project at the Dawa Industrial Park in the Greater Accra region. The project, which is expected to significantly enhance Ghana’s renewable energy capacity, will be rolled out in stages.
The first 150MW will be completed in two phases: 100MW by December 1, 2026, and an additional 50 MW by December 1, 2027. Once operational, Enclave Power will distribute 100% renewable energy to industries within the enclave, offering a cleaner and more affordable alternative to traditional power sources.
This milestone marks another major achievement for LMI Holdings, a fully Ghanaian-owned company that has already demonstrated its commitment to renewable energy with Africa’s largest rooftop solar project, a 16.8MW installation at the Tema Free Zone enclave. With growing electricity demand, particularly in industrial areas, LMI’s expansion into large-scale solar power is a timely and strategic move.
A Vision Beyond Power Generation
For LMI, this project is not just about producing electricity, it is about technology transfer, job creation, and industrial growth. The company is determined to develop local expertise in renewable energy and reduce reliance on foreign contractors over time.
Kojo Aduhene, Group CEO of LMI Holdings, highlighted this vision, saying, “This project is technology transfer. We are going to be teaming up with the contractors to post the 200MW. We want to do everything ourselves in the country, looking beyond the power we are generating.” he told Joynews.
To further support businesses, LMI has announced a 10% reduction in electricity prices starting July 1, 2025. This move is expected to make power more affordable for industries, boosting productivity and encouraging further investment in the Dawa enclave.
Execution and Feasibility
The groundwork for the project is already in place, with feasibility studies completed and a ground-mount PV system chosen as the preferred design. Ing. Matthew Seddoh Akatey, General Manager for LMI Utilities, explained the implementation strategy:
“The selected contractors for the project will do the engineering, a subsidiary of LMI Holdings will handle the procurement, and the contractor will take care of the construction.”
With the first 200MW set to be ready by mid-2028, additional phases will follow based on increasing power demand. Ultimately, the company aims to expand beyond the enclave, supplying power to a broader market once the full 1000MW capacity is reached by 2031.
A Key Step Toward Ghana’s Renewable Energy Goals
Ghana has set an ambitious goal of achieving 1400 MW of installed renewable energy capacity by 2030, and LMI’s project is a crucial piece of this roadmap. Seth Mahu, Director for Renewable Energy at the Energy Ministry, acknowledged its significance, emphasizing how it contributes to the country’s broader sustainability objectives.
Adding to this, Dahlia Khalifa, IFC’s Regional Director for Central and Anglophone West Africa, praised Ghana’s proactive approach to clean energy, stating:
“Going green and being respectful of the environment is how we can be sustainable and how we’re going to be building our bottom line. The country is ahead of the curve in the green journey.”
Beyond just generating power, she noted that the project will strengthen industrial capacity, create jobs, and attract international investment, particularly in sectors like manufacturing, agriculture, and exports.
