- IFC today deepened its partnership with Ghanaian owned conglomerate LMI Holdings to expand clean energy generation for businesses in two of the country’s special industrial zones through the construction of the largest private-sector-led, utility-scale solar project in West Africa.
IFC will provide $21 million as the first tranche of a $100 million loan facility for the development of a 150-megawatt (MW) solar photovoltaic (PV) power plant, to support business activity in LMI Holdings’ Tema and Dawa special industrial zones.
The first phase of 100MW is due for completion by October 2026 and the additional 50MW, eight months later.
Once completed, the Solar For Industries (SFI) project, an initiative of LMI Holdings, will ensure stable, cost-effective energy for more than 100 businesses across key industries, including food processing, cement, steel, textiles and light manufacturing. The solar plant is expected to reduce carbon emissions by about 120,000 metric tons annually, while improving energy reliability and reducing costs for businesses.
The project aligns with Ghana’s Renewable Energy Master Plan, which aims to increase the share of renewable energy in the country’s energy mix to 10 percent by 2030.
The investment announced today builds on IFC’s longstanding collaboration with LMI Holdings. The IFC previously supported the development of a 16.82MW rooftop solar PV plant in the Tema Free Zone, the largest single rooftop solar project in Africa—as well as a water treatment plant in the Dawa Industrial zone.
Author: Bryan Groenendaal
