Ghana’s LMI secures funding for industrial solar plant

LMI Holdings is to expand clean energy generation for businesses in two of Ghana’s industrial zones with the construction of the largest private-sector-led, utility-scale solar power project in West Africa

The Ghana-owned conglomerate has secured funding from the International Finance Corporation (IFC) with a first tranche of US$21mn of a US$100mn loan facility.

The 150 MW solar photovoltaic (PV) power plant will support business activity in LMI Holdings’ Tema and Dawa special industrial zones.

The first 100 MW phase is scheduled for completion by October 2026, with an additional 50 MW to be completed by June 2027.

Once completed, the so-called Solar For Industries project will ensure stable, cost-effective energy for more than 100 businesses across key industries, including food processing, cement, steel, textiles and light manufacturing.

The power plant is also expected to reduce carbon emissions by about 120,000 metric tons annually, while improving energy reliability and reducing costs for firms.

 “A thousand-mile journey starts with a step,” said Kojo Botsio Aduhene, CEO of LMI Holdings. “This is the start of our planned 1.000 MW solar farm, a feat we intend to achieve by 2032.”

Long-standing collaboration

The IFC investment builds on a longstanding collaboration with LMI Holdings, which has a presence in the construction, property development, logistics, utilities and ICT industry, and is the primary developer of the Tema Free Zones Enclave (TFZE), which hosts more than 100 companies operating in various sectors, including building materials and agro-processing.

As a leader in design, construction and maintenance of industrial parks it has also embarked on developing its second industrial park with a total area of 2,000 acres, as part of a new Dawa Smart City Development, 40 km to the east of Accra.

The IFC, the World Bank’s private finance arm, has previously supported the development of a 16.82 MW rooftop solar PV plant in the Tema industrial zone, the largest single rooftop solar project in Africa, as well as a water treatment plant in the Dawa zone.

“Expanding access to reliable and affordable clean energy is critical for driving industrial growth and economic development in Ghana,” said Dahlia Khalifa, IFC regional director for Central Africa and Anglophone West Africa.

“Our partnership with LMI Holdings underscores IFC’s commitment to support private sector-led renewable energy projects that enhance competitiveness, attract investment, and create jobs.”

The project also 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% by 2030.

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