Renewable energy infrastructure serving businesses in the Tema and Dawa Industrial Zones is expanding through a new phase of the partnership between IFC, a member of the World Bank Group, and LMI Holdings.
The Solar for Industries (SFI) project will provide more reliable and sustainable power to industrial customers. More than 100 businesses across manufacturing, agro-processing, logistics, and other industries operating within the two industrial zones will benefit. The project is also expected to create approximately 250 direct as well as an estimated 500 indirect jobs during construction and sustain 19 permanent operational jobs post construction.
The US$39.5 million financing package will support the completion of the initial 100 MW phase of a 200 MW solar photovoltaic project located in the Dawa Industrial Zone. The financing represents the second tranche of a US$100 million facility, following a first tranche of US$21 million committed by IFC in FY24 and disbursed in FY25.
Powering Industrial Growth and Competitiveness
Reliable and affordable energy is essential to Ghana’s efforts to expand manufacturing and increase local value addition. By supplying renewable power to industrial customers, the solar facility will help businesses decarbonize their manufacturing value chains, operate more efficiently, expand their activities, and invest with greater confidence.
The investment complements LMI’s integrated infrastructure across the Tema and Dawa Industrial Zones, including electricity, water, logistics, and digital services. It also aligns with Ghana’s National Energy Transition Framework, which promotes increased renewable energy use while balancing the country’s energy security and socio-economic development needs.
Mobilizing Capital for Sustainable Infrastructure
The financing package brings together IFC’s own capital, support from the International Development Association’s Private Sector Window, and directly mobilized private capital. Combining these resources increases the financing available to complete the solar facility while helping to improve its affordability.
The investment builds on an earlier IFC-LMI partnership that supported the development of a 16.82 MW rooftop solar facility at the Tema Industrial Zone and a 11,000-cubic-metre-per-day water treatment plant at the Dawa Industrial Zone. The rooftop solar facility is the largest operating installation of its kind in Africa.
