Ghana is set to launch the initial phase of a 1000 megawatts solar power project today, July 25th, 2024, aimed at supplying electricity to businesses within the free zone area.The completed solar project, a continental giant and global runner-up, will empower companies to produce green products, unlocking access to the European market.
With an annual output of 24,750 MWh, the solar system will provide a clean, stable, and sustainable source of electricity, driving a greener industrial revolution.Seth Mahu, Director of Renewable Energy at the Ministry of Energy, stated that the rooftop solar project represents a significant achievement, as it will increase Ghana’s renewable energy capacity to over 200 megawatts, comprising 4.2% of the country’s total installed capacity, in an interview with the Ghana News Agency.
“From where I sit at the Ministry, I know that between the year 2024 and 2035, the country will attract not less than two billion dollars investment in that sector,” he said.
“In the last decade, the cost of solar has dropped so it is cheaper to produce electricity from solar than other plants. When the trend continues, the cost of production will reduce and that will scale down the unit price of products.”
Seth Mahu, Director of Renewable Energy, highlighted that the project will help mitigate climate change by reducing Ghana’s carbon footprint, in line with national commitments. He also noted that the project will create a range of sustainable jobs over the next 20 years, contributing to economic expansion and growth.“Solar is now very competitive. The advent of the battery energy storage system is addressing unstable power in the solar sector,” he said.
The Helios Solar Company (Helios), a subsidiary of LMI Holdings, is developing a solar rooftop project with a capacity of 16.82 megawatts. This pioneering solar system is being financed by the International Finance Corporation (IFC) as part of a comprehensive $30 million agreement with LMI Holdings to promote clean power and water initiatives.
The project aims to support job creation, drive industrial development, and foster a more sustainable and competitive economy in Ghana.Ghana’s Energy and Investment Plan forecasts a significant role for solar energy in the country’s future energy mix, with a potential capacity of over 150 gigawatts by 2060.
To realize this vision, the plan stresses the need for comprehensive technical, financial, and policy backing to facilitate and accelerate project development, enabling a swift and efficient expansion of solar capacity.
Story by: Michael Seh