IFC and LMI Holdings Partner to Develop Private-Led Solar Project in Ghana

IFC will provide an initial $21 million as part of a broader $100 million loan facility to support the development of a 150-megawatt (MW) solar photovoltaic (PV) power plant.

In a significant move to expand clean energy solutions in Ghana, the International Finance Corporation (IFC) has deepened its collaboration with Ghanaian-owned conglomerate LMI Holdings to develop the largest private-sector-led, utility-scale solar project in West Africa. The initiative aims to enhance energy reliability for businesses operating in two of Ghana’s key special industrial zones.

IFC will provide an initial $21 million as part of a broader $100 million loan facility to support the development of a 150-megawatt (MW) solar photovoltaic (PV) power plant. This renewable energy initiative is designed to bolster industrial activity in LMI Holdings’ Tema and Dawa special industrial zones. The first phase of 100 MW is expected to be completed by October 2026, with an additional 50 MW scheduled for completion by June 2027.

The Solar For Industries (SFI) project, spearheaded by LMI Holdings, is poised to deliver stable and cost-effective energy to more than 100 businesses across multiple sectors, including food processing, cement, steel, textiles, and light manufacturing. The solar power plant is projected to reduce carbon emissions by approximately 120,000 metric tons annually, contributing to both environmental sustainability and economic efficiency by lowering operational costs for industrial players.

Kojo Botsio Aduhene, CEO of LMI Holdings, emphasized the long-term vision of the project: “A thousand-mile journey starts with a step. This is the beginning of our ambition to establish a 1,000 MW solar farm by 2032.”

Dahlia Khalifa, IFC’s Regional Director for Central Africa and Anglophone West Africa, highlighted the broader impact of the initiative: “Expanding access to reliable and affordable clean energy is essential for fostering industrial growth and economic development in Ghana. Our partnership with LMI Holdings underscores IFC’s commitment to supporting private-sector-led renewable energy projects that enhance competitiveness, attract investment, and create jobs.”

This investment aligns with Ghana’s Renewable Energy Master Plan, which seeks to increase the share of renewable energy in the country’s energy mix to 10 percent by 2030. It also builds upon IFC’s prior collaborations with LMI Holdings, including the development of Africa’s largest single rooftop solar PV plant (16.82 MW) in the Tema Free Zone and a water treatment plant in the Dawa Industrial Zone.

The expanded partnership between IFC and LMI Holdings represents a crucial step toward achieving a more sustainable and energy-efficient industrial landscape in Ghana, reinforcing the role of private-sector investment in advancing the nation’s clean energy goals.