According to reports from Bloomberg, the World Bank’s International Finance Corp. (IFC) has announced that it will help to fund Ghanaian conglomerate LMI Holding’s $1 billion solar project.
The project is projected to lift the country’s solar generation sevenfold by 2030.
Details
The IFC has loaned $130 million to LMI Holdings to meet part of the investment required to build 1,000 megawatts of solar installations in the next six years.
What They’re Saying
“This is just the first phase and the biggest single-roof solar project in Africa, and a significant milestone in our journey toward energy independence and environmental stewardship,” LMI Group Chief Executive Officer Kojo Aduhene said in an interview.
“With the funding from the IFC, our own funds and other private investors we are raising more than $1 billion” for the project, he stated.
The project “represents our joint commitment for a sustainable and greener future in Ghana,” said Cemile Hacibeyoglu, the IFC’s senior country officer for Ghana.
“We are increasingly cognizant of the importance of climate change as a defining development issue of our time, and the partnership with LMI Holdings is a shining example of this commitment.”
By The Numbers
Ghana had installed capacity of 5,639 megawatts at the end of last year, but it’s struggling to generate enough to meet peak demand of 3,618 megawatts due to a lack of funds to pay suppliers.
Between The Lines
Currently, there’s a dispute between the finance ministry and independent power producers over the amount of arrears, risking the return of unscheduled blackouts that Ghanaians suffered in the first half.
Source: Bloomberg
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