The International Finance Corporation (IFC) has announced a $21 million loan to support Ghanaian conglomerate LMI Holdings in implementing its Solar for Industries project in the Tema and Dawa Industrial Zones. The 150 MW solar PV project – the largest private sector-led, utility-scale solar development in West Africa – will help over 100 businesses reduce energy costs and emissions.
Part of a $100 million facility, the loan will enable LMI Holdings to initiate the project, which will be developed in phases. The first 100 MW is scheduled for completion by October 2026, with an additional 50 MW set for June 2027. The initiative aligns with LMI Holdings’ broader goal of deploying 1,000 MW of solar PV capacity by 2032, according to CEO Kojo Botsio Aduhene.
Expected to cut emissions by 120,000 metric tons annually, the project supports Ghana’s Renewable Energy Master Plan, which aims to increase the share of renewables in the country’s energy mix to 10% by 2030.
Dahlia Khalifa, IFC Regional Director for Central Africa and Anglophone West Africa, highlighted that the funding is part of the bank’s efforts to expand energy access, stimulate industrial growth, create jobs and attract investment across Africa. IFC previously backed the rollout of Africa’s largest single rooftop solar project, a 16.82 MW plant in the Tema Free Zone.
