- The African Development Bank has approved a grant of US$28.49 million for Ghana to construct renewable energy infrastructure that will increase its renewable energy use by 10% through 2030.
The financing, which will come from the Climate Investment Funds (CIF) – Scaling Up Renewable Energy Program in Low Income Countries (SREP), will support construction of mini-grids, stand-alone solar photovoltaic systems and solar-based battery facilities for storing excess power, a practise known as net metering.
With the latest Board approval of $28.49 million, the project’s total cost of $85.18 million is in the coffers. The African Development Fund, the Bank’s concessionary window, has provided $27.39 million while Switzerland’s State Secretariat for Economic Affairs and the government of Ghana have contributed $13.30 and $16 million respectively.
The project consists of the design, engineering, supply, construction, installation, testing and commissioning of renewable energy systems on the island communities in the Volta Lake region.
It is also expected to contribute to closing gender gaps at the outcome level by creating 2,865 equitable jobs and livelihood opportunities out of which 30% will be for women and youth.
Author: Bryan Groenendaal
