Absa Group, a financial services firm based in South Africa, has extended a green corporate loan of USD 24 million (EUR 21.8 million) to facilitate the building of a solar power plant in Ghana.
The 100-MW facility is a project of the state-run renewable power firm Bui Power Authority (BPA), and it will be led by West Africa-focused PV developer Meinergy Technology Limited.
The solar site in Ghana marks the first-ever green loan undertaken by Absa Ghana, said the company, which is the former South African subsidiary of British lender Barclays.
Ellen Ohene-Afoakwa, Director of Corporate and Investment Banking at Absa Bank, emphasized that a diversified power sector, integrating both thermal and renewable sources, holds the solution to Africa’s energy requirements.
BPA was originally established for a hydroelectric venture in Ghana but has since expanded its role to oversee state-led renewable energy initiatives. Recently, BPA announced the successful completion of a 5-MW floating solar installation at the Bui Generating Station in the Bono Region.
