Herbert Krapa, Minister of State at the Ministry of Energy, has appealed to the International Finance Corporation (IFC), a member of the World Bank Group, to expand its funding facilities for solar projects in Ghana.

Mr. Krapa said having enough funding for renewable energy projects, just like other sectors, would greatly help in achieving greener, cleaner energy for industrial and manufacturing activities in the country.

He made the appeal when commissioning a one million US dollar 16.82 megawatt peak (MWp) capacity rooftop photovoltiac solar project at the Tema Free Zone Enclave, an initiative of Helios Solar Company Limited, a subsidiary of HML Holdings.

The project, the first largest in Africa and second largest in the world, was constructed within eight months with a US$17 million fund from the IFC.

The minister said the power of financing helped greatly to achieve renewable energy, stating that even though Africa had an abundance of sunshine, wind, and hydro, there were more solar installations in Europe than Africa.

“Africa has abundant sunshine, wind, and hydro, but there are more solar installations in Europe than Africa; the missing piece is financing, and it continues to be a barrier,” he stated.

He observed that solar installations cost not more than two percent of the capital of a business in Europe, while they cost on average 20 percent and more of a company’s capital in Africa.

He commended the IFC for funding the solar roof top project and urged them to continue to do more in that regard by expanding the funding in renewable energy just as done in other sectors.

Mr. Krapa said such solar projects would impact positively on industries as it would cut their cost of doing business, which would then reflect in expansion and the creation of more jobs for the youth.

Mr. Adlai Opoku-Boamah, the Managing Director of LMI, announced that the Board of the IFC in December 2023 approved a US$110 million facility for LMI Holding for the development of an additional 150 MWp of solar energy in Dawa.

Mr. Opoku-Boamah said the purpose of the solar park at Dawa would be to provide clean energy to two major initiatives: the Dawa City Project and the Dawa Industrial Zone, adding that the Dawa City Project would be the first smart and green city in Ghana.

He added that the 4,000-acre Dawa Industrial Zone was a purpose-built industrial zone catering for textile, pharmaceutical, food, light and heavy industrial, logistics, and technology parks.

“Businesses who choose to locate within the Dawa Industrial Zone will be assured of continuous, uninterrupted power supply as well as a 10 percent rebate on electricity tariffs for the next five years,” he added.