The Board of Directors of the African Development Fund have approved a US$27.39mn grant to Ghana for the development of renewable energy investments in the mini grid and net metering space
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.
The project has leveraged co-financing from the Scaling Up Renewable Energy Programme, a funding window of the Climate Investment Funds, and the Swiss State Secretariat for Economic Affairs, amounting to US$28.49mn and US$13.3mn, 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 Group’s director general for West Africa, said, “The Bank Group’s support is aligned to Ghana’s development priorities that aim to promote and develop the country’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.”
The African Development Fund is the Bank Group’s concessional funding arm. The African Development Bank has been an implementing entity of the Climate Investment Funds since 2010.
