Herbert Krapa, Ghana's Minister of State for Energy, has called on the International Finance Corporation (IFC) to increase its support for solar energy projects in Ghana. He emphasized that additional funding for renewable energy, similar to what is available in other sectors, is crucial for advancing cleaner, greener energy solutions for the country's industrial and manufacturing sectors.

Mr. Krapa made this appeal during the inauguration of a significant rooftop photovoltaic solar project in the Tema Free Zone Enclave, which has a capacity of 16.82 megawatts peak (MWp) and is valued at one million US dollars. This project, developed by Helios Solar Company Limited a subsidiary of HML Holdings represents the largest solar installation in Africa and the second largest globally. It was completed in just eight months, supported by a US$17 million investment from the IFC.

He pointed out that despite Africa's vast potential in solar, wind, and hydro energy, the continent lags behind Europe in solar installations due to financing challenges. In Europe, solar installations typically cost less than two percent of a business's capital, whereas in Africa, the cost averages around 20 percent or more.

The Minister praised the IFC for its contribution to the solar rooftop project and urged the organization to continue expanding its investment in renewable energy. He highlighted that such projects could significantly reduce operational costs for businesses, leading to industry growth and job creation.

Mr. Adlai Opoku-Boamah, Managing Director of LMI, revealed that in December 2023, the IFC Board approved a US$110 million facility for LMI Holding. This funding will be used to develop an additional 150 MWp of solar energy at Dawa. This solar park will serve two major projects: the Dawa City Project and the Dawa Industrial Zone. The Dawa City Project aims to be Ghana's first smart and green city, while the 4,000-acre Industrial Zone will support various sectors, including textiles, pharmaceuticals, food, and technology.

Businesses within the Dawa Industrial Zone will benefit from a reliable power supply and a 10 percent discount on electricity tariffs for five years, ensuring both operational efficiency and cost savings.