According to reports from Bloombergof the World Bank International Finance Corp. (IFC) has announced that it will help finance Ghanaian conglomerate LMI Holding’s $1 billion solar project.
The project is expected to increase the country’s solar output sevenfold by 2030.
Details
The IFC has borrowed $130 million to LMI Holdings to cover part of the investment required for construction 1,000 megawatts solar installations in the next six years.
What they say
“This is only the first phase and the largest single roof solar project in Africa, and a major milestone in our journey towards energy independence and environmental stewardship”, CEO of LMI Group Kojo Aduhene he said in an interview.
“With funding from IFC, our own funds and other private investors, we are raising more than $1 billion” for the projecthe stated.
The project “represents our shared commitment to a sustainable and greener future in Ghana,” he said Cemile HacibeyogluIFC Senior Country Officer for Ghana.
“We are increasingly recognizing the importance of climate change as the 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 is struggling to generate enough to match peak demand 3,618 megawatts due to lack of funds to pay suppliers.
Between the lines
There is currently a dispute between the Ministry of Finance and independent power producers over the amount of arrears, with the risk of a return to the unscheduled power outages that Ghana suffered in the first half of the year.
Source: Bloomberg
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