PHOTO
African Development Bank (AfDB) has approved a grant of $28.49 million for Ghana to construct renewable energy infrastructure that will increase its renewable energy use by 10% through 2030.
The financing will come from the Climate Investment Funds (CIF) – Scaling Up Renewable Energy Program in Low Income Countries (SREP), AfDB said in a press statement.
With the grant approved, the project’s total cost of $85.18 million is in the coffers, the statement said.
The project consists of the design, engineering, supply, construction, installation, testing and commissioning of renewable energy systems on the island communities in the Volta Lake region, the press statement said. These include mini-grids, stand-alone solar photovoltaic systems and solar-based battery facilities for storing excess power (net metering).
Other contributors to the financing include African Development Fund, the Bank’s concessionary window, which provided $27.39 million; Switzerland’s State Secretariat for Economic Affairs with $13.30 million and the government of Ghana with $16 million.
The project is expected create 2,865 jobs out of which 30 percent will be for women and youth.
Under its New Deal on Energy for Africa, the African Development Bank seeks to promote the reduction of greenhouse gas emissions on the continent as well as light up and power Africa as part of its High 5 priority objectives.
(Writing by SA Kader; Editing by Anoop Menon)
