Ghana’s energy transition: $17m rooftop solar project commissioned
Helios Solar Company Limited (HSCL), a subsidiary of LMI Holdings, has commissioned Africa's largest rooftop solar project in Accra.
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It is among other things, meant to offer sustainable energy solutions to help transform Ghana's energy landscape and industrial competitiveness.
The 16.82 Mega Watt (MW) installation within the Tema Free Zones enclave would also provide clean, renewable power to businesses operating in the area, significantly to boost their green credentials and enhance the global competitiveness of their products.
The one million square feet project, worth US$17 million was funded by the International Finance Corporation (IFC) of the IMF Group as part of a US$30 million clean power and water Investment with LMI Holdings to support job creation, promote , more sustainable, and competitive industrial development in Ghana.
The project coincides with Ghana's ongoing energy transition efforts as the country recently updated its National Energy Transition Framework (NETF), setting a new goal of achieving net zero emissions by 2060, a decade earlier than previously planned.
The Managing Director of LMI Holdings, Adlai Opoku-Boamah, at a ceremony in Accra said “the plant will make a significant contribution towards the attainment of Ghana’s Nationally Determined Contribution under the Paris Agreement while for our environment, which represents a meaningful stride in the fight against climate change, ensuring that we leave a healthier planet for future generations.”
He said over the next six years, LMI Holdings intends to invest over $1 billion into the local economy by expanding the country’s renewable energy programme, develop and expand the industrial zones and business parks.
Financing
A Minister of State at the Ministry of Energy, Herbert Krapa, who commissioned the project, said “Africa has an abundance of sunshine, wind speed, hydro resources, but there is more solar installation in Europe than there is in Africa and the missing piece is financing,” he said.
He commended the IFC for its efforts in funding the project, stating: "By partnering with the right entity, financing should not be too much of a problem in building renewable energy projects in Ghana and Africa as a whole."
He emphasised the crucial role of the private sector in achieving Ghana's target of net zero emissions by 2060, saying the project underscores the power of the private sector to contribute to the government's agenda to bring growth and prosperity to people.
IFC’s commitment
In a speech read on his behalf, the IFC Senior Country Manager for Ghana, Liberia, and Sierra Leone, Kyle Kelhofer, said his outfit has invested over $2.5 billion into the Ghanaian economy supporting sectors such as agribusiness, education, healthcare, financial services, infrastructure, manufacturing, natural resources, and tourism.
He said looking ahead, IFC is dedicated to not only sustaining this momentum but expanding it impact in the upcoming years, saying: “as we step up these investments in Ghana as well as globally, we are increasingly cognizant of the importance of climate change as a defining development issue of our time.”
“At IFC, we believe sustainable and inclusive infrastructure is crucial for addressing development challenges in emerging markets such as Ghana and combating climate change,” he added.