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
- ‘If NPP can get a consensus candidate, it’ll help us tremendously’ – Hackman
3 hours - Accra West ECG recovers GH¢675k in revenue mobilisation exercise
3 hours - Hypertension can cause male erectile dysfunctions – Dr Benjamin Toboh
4 hours - 1V1D: Government spent averagely ¢670k on each of the ‘dried dams’ – Research
4 hours - Rastafarian student nearly rejected by Achimota School may represent them at NSMQ
4 hours - ‘You’re abusing fowls’ – Animal Welfare League demands ban on battery cages
4 hours - ‘Family Feud’ contestant who joked about regretting marriage on game show found guilty of murdering wife
5 hours - Can Gyekye-Quayson lawfully run as an MP in the Assin-North bye-election? (Kwaku Azar writes)
5 hours - The Gambia hires US lawyers over syrup scandal – report
5 hours - Fear as Jamie Foxx left ‘paralyzed, blind’ from ‘brain clot’
5 hours - Kizz Daniels welcomes third child
5 hours - Jose Mourinho charged for using abusive language towards official at Europa League final
6 hours - Beneficiaries of StanChart Women in Technology programme share inspiring stories
6 hours - Benin petrol prices soar as Nigeria moves to end subsidy
6 hours - Funding for social intervention programmes could be cut if reforms are not implemented – World Bank Country Director
6 hours