A major private-sector investment expected to provide cleaner, cheaper electricity to more than 95 industrial companies in Dawa and Tema.
Ghana’s industrial energy sector is set for a major boost following an $88.6 million financing package secured for the development of a 100-megawatt-peak (MWp) solar photovoltaic plant at Dawa in the Greater Accra Region.
The project brings together the Emerging Africa & Asia Infrastructure Fund (EAAIF), Ninety One, the International Finance Corporation (IFC) and the World Bank’s International Development Association (IDA), alongside locally owned LMI Holdings.
Related Stories
The investment is expected to provide cleaner and more affordable electricity to more than 95 industrial tenants operating within the Tema Free Zone and Dawa Industrial Zone.
Under the financing arrangement, EAAIF and Ninety One have committed $18.15 million in senior secured debt as part of a $60.6 million co-financed debt package led by IFC.
EAAIF is contributing $15.65 million, while Ninety One’s Africa Credit Opportunities strategy is providing $2.5 million.
IFC is providing a direct loan of $24.2 million, while LMI Holdings is contributing $28 million in equity to complete the total $88.6 million financing package.
The solar facility is expected to generate approximately 129.5 gigawatt-hours of electricity annually during its first phase.
The electricity will be transmitted approximately 40 kilometres through Ghana’s national grid to the Tema Free Zone under a Transmission Service Agreement, providing power to industrial manufacturers in both Dawa and Tema.
The project is being developed through LMI Holdings’ subsidiaries, Solar for Industries Limited (SFI) and Enclave Power Company Limited (EPCL).
SFI is the special-purpose company established for solar power generation, while EPCL will handle electricity distribution to the industrial customers.
EPCL is described as Ghana’s first and only licensed private electricity distributor, offering an alternative model for private-sector participation in electricity distribution.
The 100MWp facility represents the first phase of an intended 200MW solar development, which could further expand renewable energy supply to Ghana’s industrial sector.
The investment is expected to strengthen the competitiveness of manufacturers, particularly those operating in energy-intensive industries such as cocoa processing, cement and steel production.
With exports accounting for approximately 35 per cent of Ghana’s Gross Domestic Product (GDP), the project is also expected to support export competitiveness by reducing electricity costs and the indirect greenhouse gas emissions associated with industrial production.
The development aligns with Ghana’s Renewable Energy Master Plan, which targets increasing the share of renewable energy in the country’s electricity generation mix to 10 per cent by 2030.
It also supports broader efforts to attract private investment into renewable energy infrastructure and accelerate the country’s transition towards cleaner industrial production.
Speaking on the investment, Martijn Proos, Co-Head of Emerging Market Alternative Credit at Ninety One, said the transaction demonstrated EAAIF’s commitment to financing infrastructure that promotes green growth and delivers affordable and reliable electricity to Ghana’s manufacturing sector.
Founder, Chairman and Chief Executive Officer of LMI Holdings, Kojo Aduhene, said the project represented an important development in Ghana’s power and energy sector.
He referenced the company’s previous 16.8MWp Helios Solar rooftop project in Tema, describing the new investment as an opportunity to demonstrate how private-sector innovation could contribute to sustainable economic development.
For her part, IFC Division Director for West Africa Gulf of Guinea, Nathalie Kouassi Akon, said Ghana’s clean energy transition was also an investment in industrial growth and competitiveness.
She noted that the solar project would help manufacturers reduce electricity costs and emissions, strengthening their ability to expand production, create jobs and compete in regional and international markets.
The transaction highlights growing international investor interest in Ghana’s renewable energy sector and the potential for private-sector financing to support industrialisation, energy security and sustainable economic growth.
The project is expected to position Dawa and Tema as stronger industrial hubs while demonstrating how renewable energy can support Ghana’s ambition to build a more competitive and environmentally sustainable manufacturing economy.
