The African Development Bank’s Board of Directors has authorized a $28.49 million grant for Ghana to build renewable energy infrastructure that will raise Ghana’s consumption of renewable energy by 10% by 2030.
The funding will support the development of mini-grids, standalone solar photovoltaic systems, and solar-based battery facilities for storing excess power, a process known as “net metering,” and will come from the Climate Investment Funds (CIF) and the Scaling Up Renewable Energy Program in Low-Income Countries (SREP).
With the latest Board approval of $28.49 million, the project’s total cost of $85.18 million is in the coffers. The African Development Fund, the Bank’s concessionary window, has provided $27.39 million, while Switzerland’s State Secretariat for Economic Affairs and the government of Ghana have contributed $13.30 million and $16 million, respectively.
The project consists of the design, engineering, supply, construction, installation, testing, and commissioning of renewable energy systems on the island communities in the Volta Lake region.
It is anticipated that by establishing 2,865 equitable jobs and livelihood possibilities, 30% of which will be for women and young people, it will help close gender inequalities at the result level.
As one of its High 5 priority objectives for advancing the socioeconomic development of the continent, the African Development Bank intends to encourage the reduction of greenhouse gas emissions on the continent as well as light up and power Africa under its “New Deal on Energy for Africa.”
