The Board of Directors of the African Development Bank 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, which will come from the Climate Investment Funds (CIF) – Scaling Up Renewable Energy Program in Low-Income Countries (SREP), will support the construction of mini-grids, stand-alone solar photovoltaic systems and solar-based battery facilities for storing excess power, a practice known as net metering.
With the latest Board approval of $28.49 million, the project’s total cost of $85.18 million is in the coffers.
The African Development Fund, the Bank’s concessionary window, has provided $27.39 million while Switzerland’s State Secretariat for Economic Affairs and the government of Ghana have contributed $13.30 and $16 million respectively.
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.
It is expected to contribute to closing gender gaps at the outcome level by creating 2,865 equitable jobs and livelihood opportunities out of which 30% 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 for enhancing the continent’s socioeconomic development.
Latest Stories
-
Saminu Abdul Rasheed smashes national record again with 9.84s sprint in Georgia
27 minutes -
Blekusu Coastal project: We’re reclaiming our coastlines – Housing Minister
3 hours -
Pricey plantains push Ghana’s market sellers to diversify
3 hours -
Full list: NPP delegates approve 54 reform motions, reject proposals on youth age, election supervision
4 hours -
WAFCON 2024: Cynthia made it easy – Chantelle hails goalkeeper after penalty saves
4 hours -
Cyber Security Authority boss suspended over use of military bodyguard
4 hours -
WAFCON 2024: I want to make history – Grace Asantewaa dreams of lifting the trophy
4 hours -
Afenyo-Markin accuses NDC of rebranding and claiming credit for NPP projects
4 hours -
2024 WAFCON: Grace Asantewa shines as Black Queens reach semis
4 hours -
WAFCON 2024: Ghana beat Algeria 4-2 on penalties to book semi-final spot for the first time since 2016
4 hours -
NPP Delegates reject motion to shift polling station selection oversight to regional committees
4 hours -
2024 WAFCON: Black Queens set up semifinal clash with hosts Morocco
4 hours -
Dr. Amuasi champions healthy sustainable socio-ecological systems thinking in Lancet One Health Commission Report
5 hours -
Without unity, we’re just individuals with ambition – Afenyo-Markin
5 hours -
Rebecca Tweneboah Darko: Scattered thoughts; Scary times
5 hours