African Development Bank Loans $28.49 Million for Renewable Energy Infrastructure in Ghana
The African Development Bank is providing a $28.49 million grant to Ghana to build infrastructure for renewable energy to increase utilization of renewable energy by 10% through 2030. The financing will arrive from the Climate Investment Funds (CIF) – Scaling Up Renewable Energy Program in Low Income Countries (SREP).
The funds will back the buildout of solar-based battery facilities, stand-alone solar photovoltaic systems and mini-grids. The project concerns the construction of renewable energy systems at island communities in the Volta Lake region. The work involves design, engineering, delivery, buildout, deployment, testing and commissioning.
The project will create 2,865 equitable jobs, with 30% of the total earmarked for youth and women, thereby reducing the gender gap. The African Development Bank is looking to cut down on emissions in Africa and provide power to communities that achieves High 5 priority objectives under the New Deal on Energy for Africa.
