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News from Abidjan, 1 February 2022 – The Board of Directors of the African Development Fund has approved a $27.39 million grant to Ghana for the development of renewable energy investments in the mini grid and net metering space.ย 

The project involves the development of 35 mini grids, standalone solar photovoltaic systems in 400 schools, 200 units in healthcare centers and 100 units for community energy services centers in the Volta Lake region. It will also deploy up to 12,000 units of roof-mounted net-metered solar photovoltaic systems for public institutions, small and medium-sized enterprises and selected households.

Scaling up renewable energy

The project has leveraged co-financing from the Scaling Up Renewable Energy Program, a funding window of the Climate Investment Funds, and the Swiss State Secretariat for Economic Affairs, amounting to $28.49 million and $13.30 million, respectively.

The Ghana Mini Grid and Solar Photovoltaic Net Metering is expected to have an annual electricity output of renewable energy estimated at 111,361MWh, corresponding to an installed capacity of 67.5MW. The project will mitigate greenhouse emissions of 0.7795 million tons of CO2 equivalent per year and create up to 2,865 jobs during construction, of which 30% will target women and youth.

Marie-Laure Akin-Olugbade, the African Development Bank Groupโ€™s Director General for West Africa, said: โ€œThe Bank Groupโ€™s support is aligned to Ghanaโ€™s development priorities that aim to promote and develop the countryโ€™s rich renewable energy resources for sustainable economic growth, improved social life and reduced adverse climate change effects. In addition, the post Covid-19 era has highlighted the importance of reliable energy services.โ€

Eyerusalem Fasika, the African Development Bankโ€™s Country Manager for Ghana, said: โ€œThe project will support Ghanaโ€™s Covid-19 Alleviation and Revitalization of Enterprises Support (Ghana CARES) program, which identifies the energy sector as an enabler of economic transformation. It has the potential to create jobs, fundamentally expand access to businesses and bring prosperity to Ghanaians.โ€

Renewable energy fuels electrification rates for Ghana

Daniel Schroth, Acting Director of the Renewable Energy and Energy Efficiency Department, noted that the West African nation of Ghana has one of the highest electrification rates in Africa.

โ€The approval of the grant facility reflects a strong commitment of the African Development Bank to support Ghanaโ€™s objective to achieve universal access to electricity and its 10% renewable energy target by 2030,โ€ he said. โ€œThis project is a good example of the Bank Groupโ€™s ability to leverage financing from climate investment funds and donor partners by supporting electrification of Ghanaโ€™s remaining 15% located in the island communities.โ€

The African Development Fund is the Bank Groupโ€™s concessional funding arm. The African Development Bank has been an implementing entity of the Climate Investment Funds since 2010.

 

 

Em Sloane

Em Sloane

I am an introverted nature lover, and long time contributor to LongevityLive.com. My role is to publish the information in a consumer friendly format, which we receive on the latest medical news, press releases and general information on the latest longevity related research findings.

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