IFC Backs Ghana Group to Build $1 Billion Solar-Energy Project
- IFC facility covers 13% of investment required for project
- Ghana unable to run all thermal plants due to lack of funds
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The World Bank’s International Finance Corp. is backing a Ghanaian conglomerate’s $1 billion solar project that could lift the country’s solar generation sevenfold by 2030.
The IFC has lent $130 million to LMI Holdings to meet part of the investment required to build 1,000 megawatts of solar installations in the next six years, LMI Group Chief Executive Officer Kojo Aduhene said. Ghana had 141 megawatts of installed solar power at the end of 2023, according to the Energy Commission.