Renewable energy infrastructure serving businesses in Ghana’s Tema and Dawa Industrial Zones is set to expand under a new phase of the partnership between the International Finance Corporation (IFC), a member of the World Bank Group, and LMI Holdings.
The Solar for Industries (SFI) project is designed to provide more reliable and sustainable electricity to industrial customers across the two zones, with more than 100 businesses expected to benefit.
The beneficiaries span manufacturing, agro-processing, logistics and other industrial activities. The project is also expected to generate approximately 250 direct jobs and an estimated 500 indirect jobs during construction, while supporting 19 permanent operational jobs after construction.
The US$39.5 million financing package will support completion of the first 100 MW phase of a planned 200 MW solar photovoltaic project located in the Dawa Industrial Zone.
The latest financing represents the second tranche of a US$100 million facility. IFC committed the first tranche of US$21 million in FY24, with the funds disbursed in FY25.
Reliable and affordable electricity remains important to Ghana’s efforts to expand manufacturing and increase local value addition. The solar facility will provide renewable power to industrial customers, supporting businesses as they decarbonize their manufacturing value chains, improve operational efficiency, expand their activities and invest with greater confidence.
The investment also complements LMI Holdings’ integrated infrastructure serving the Tema and Dawa Industrial Zones. This includes electricity, water, logistics and digital services.
It is further aligned with Ghana’s National Energy Transition Framework, which encourages greater use of renewable energy while addressing the country’s energy security and socio-economic development needs.
The financing package combines IFC’s own capital with support from the International Development Association’s Private Sector Window and directly mobilized private capital. The combination is intended to increase the financing available for completing the solar facility while helping improve its affordability.
The latest investment builds on an earlier IFC-LMI partnership that supported the development of a 16.82 MW rooftop solar facility at the Tema Industrial Zone and an 11,000-cubic-metre-per-day water treatment plant at the Dawa Industrial Zone.
The rooftop solar facility is described as the largest operating installation of its kind in Africa.
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