The International Finance Corporation has provided a fresh US$39.5 million financing package to LMI Holdings to support the first 100-megawatt peak phase of a major solar project at the Dawa Industrial Zone.
The project forms part of the Solar for Industries programme, which plans to develop up to 1,000 megawatts of renewable energy capacity by 2032.
The latest financing is the second tranche of a US$100 million facility from the corporation, following the first tranche of US$21 million committed in 2025.
The Solar for Industries project is a scalable renewable energy programme designed to support Ghana's industrial growth through cleaner, reliable and sustainable power. Under its continued partnership with LMI Holdings, the corporation, a member of the World Bank Group, is supporting the completion of the first 100 megawatt peak phase of the planned 200 megawatt peak solar photovoltaic project at the Dawa Industrial Zone.
The project builds on an earlier partnership between the two institutions, which supported the development of a 16.82 megawatt peak rooftop solar facility at the Tema Free Zones Enclave and an 11,000 cubic metre per day water treatment plant at the Dawa Industrial Zone. The rooftop solar photovoltaic installation is the largest operating facility of its kind in Africa.
The project is being developed in two phases. Phase One, which is currently under construction, comprises a 100 megawatt peak solar photovoltaic project, while Phase Two will add a further 100 megawatt peak, bringing the total planned capacity to 200 megawatt peak. The Solar for Industries programme aims to develop up to 1,000 megawatts of renewable energy capacity by 2032, supporting the group's broader renewable energy and industrial development ambitions.
The project is expected to enhance industrial competitiveness and energy diversification while supporting Ghana's energy-transition objectives. During construction, it is projected to create approximately 250 direct jobs, in addition to indirect employment opportunities, while supporting 19 permanent operational jobs once the facility is operational. It is also expected to create opportunities for local businesses and strengthen private-sector participation in Ghana's energy sector.
The programme's long-term vision is to contribute to industrialisation, economic growth and environmental sustainability, while supporting the transition towards cleaner and more reliable energy for Ghana's industrial sector.