The World Bank’s International Finance Corp (IFC) has deepened its partnership with Ghanaian owned conglomerate LMI Holdings to expand clean energy generation for businesses in two of the country’s special industrial zones through the construction of the largest private-sector-led, utility-scale solar project in West Africa.
IFC will provide US$21 million as the first tranche of a US$100 million loan facility for the development of a 150-megawatt (MW) solar photovoltaic (PV) power plant, to support business activity in LMI Holdings’ Tema and Dawa special industrial zones.
The first phase of 100MW is due for completion by October 2026 and the additional 50MW, eight months later.
Once completed, the Solar For Industries (SFI) project, an initiative of LMI Holdings, will ensure stable, cost-effective energy for more than 100 businesses across key industries, including food processing, cement, steel, textiles and light manufacturing. The solar plant is expected to reduce carbon emissions by about 120,000 metric tons annually, while improving energy reliability and reducing costs for businesses.
“A thousand-mile journey starts with a step,” said Kojo Botsio Aduhene, CEO of LMI Holdings. “This is the start of our planned 1000MW solar farm – a feat we intend to achieve by 2032.”
“Expanding access to reliable and affordable clean energy is critical for driving industrial growth and economic development in Ghana,” said Dahlia Khalifa, IFC Regional Director for Central Africa and Anglophone West Africa. “Our partnership with LMI Holdings underscores IFC’s commitment to support private sector-led renewable energy projects that enhance competitiveness, attract investment, and create jobs.”
The project aligns with Ghana’s Renewable Energy Master Plan, which aims to increase the share of renewable energy in the country’s energy mix to 10 percent by 2030.
The investment announced today builds on IFC’s longstanding collaboration with LMI Holdings. IFC previously supported the development of a 16.82MW rooftop solar PV plant in the Tema Free Zone, the largest single rooftop solar project in Africa—as well as a water treatment plant in the Dawa Industrial Zone.
Madam Dahlia Khalifa (IFC Regional Director for Central Africa and Anglophone West Africa) and Mr. Kojo Aduhene (Group CEO, LMI Holdings) signing the loan agreement
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries.
In fiscal year 2024, IFC committed a record US$56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions, and mobilizing private capital to create a world free of poverty on a livable planet.
About LMI Holdings
LMI, a highly diversified Ghanaian conglomerate with a presence in the construction, property development, logistics, utilities, and ICT industry, the primary developer of the Tema Free Zones Enclave (TFZE), which hosts more than 100 companies operating in various sectors, including building materials and agro-processing. LMI as a leader in design, construction and maintenance of industrial parks has also embarked on developing its second industrial park with a total area of 2,000 acres, as part of a new Dawa Smart City Development, 40 kilometers to the east of Accra.
For further information, please contact us on 0302224965, [email protected] or visit www.lmi-ghana.com
