The African Development Bank’s Board of Directors has approved 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, which will come from the Scaling Up Renewable Energy Program in Low Income Countries (SREP) of the Climate Investment Funds (CIF), will support the development of mini-grids, standalone solar photovoltaic systems, and solar-based battery facilities for the practise of net metering, which is the storage of excess power.
The project’s total cost of $85.18 million is already in the bank thanks to the most recent Board approval of $28.49 million. The African Development Fund, the Bank’s concessionary window, has contributed $27.39 million, and the governments of Ghana and Switzerland have each contributed $13.30 million and $16 million, respectively.
On the island communities in the Volta Lake region, renewable energy systems will be designed, engineered, supplied, built, installed, tested, and put into service as part of the project.
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 goals for advancing the socioeconomic development of the continent, the African Development Bank’s New Deal on Energy for Africa aims to encourage the reduction of greenhouse gas emissions on the continent as well as the lighting and powering of Africa.