Ghana launched the initial phase of its 1000 megawatts rooftop solar project on July 25, 2024, aimed at supplying power to companies in the free zone enclave.
When fully completed, this solar project will become the largest in Africa and the second largest globally, facilitating companies’ access to the European market (EU). The operational system is expected to generate 24,750 MWh of clean, stable, and sustainable electricity annually.
Mr. Seth Mahu, the Director of Renewable Energy at the Ministry of Energy, informed the Ghana News Agency that the rooftop project holds significant importance, as it will boost the nation’s renewable energy capacity to over 200 megawatts of installed capacity, accounting for 4.2 percent.
“From where I sit at the Ministry, I know that between the years 2024 and 2035, the country will attract not less than two billion dollars in investment in that sector,” he said.
“In the last decade, the cost of solar has dropped, making it cheaper to produce electricity from solar than from other plants. If this trend continues, the cost of production will reduce, which will scale down the unit price of products.”
The Director of Renewable Energy pointed out that the initiative will help lower the nation’s carbon emissions as per the nationally determined contributions and promote ‘green’ manufacturing, which is a prerequisite for the EU market.
Mr. Mahu said the project would provide different levels of sustainable jobs over the next 20 years, which would help grow the economy.
“Solar is now very competitive. The advent of the battery energy storage system is addressing unstable power in the solar sector,” he said.
Helios Solar Company (Helios), a division of LMI Holdings, owns the solar rooftop project that will deliver 16.82 megawatts of power to Helios and its affiliates.
The cutting-edge solar system is financed by the International Finance Corporation (IFC) as part of a comprehensive $30 million clean energy and water agreement with LMI Holdings, aimed at fostering job creation and promoting greener, more sustainable, and competitive industrial growth in the country.
The Ghana Energy and Investment Plan indicates that the nation is poised to play a significant role in the energy mix.
The plan predicts that solar energy could constitute the bulk of capacity, exceeding 150 gigawatts by 2060. However, it also notes that this swift expansion of solar capacity will need substantial technical, financial, and policy support to streamline and expedite project development.