The IFC (International Finance Corporation) has partnered with Ghana’s LMI Holdings, seeking to provide infrastructure services to manufacturing companies located in LMI-operated special economic zones (SEZs) in Ghana.
The partnership warrants LMI to build a 16.8 MW roof-top solar plant, which will power businesses operating in the Tema Free Zone (Tema FZ) that lies in the outskirts of Accra.
LMI will also build a water treatment and distribution plant, which will have an initial capacity to treat 4,000 cubic meters per day. It will serve businesses in the new Dawa Industrial Zone (Dawa IZ), which also lies in the outskirts of Accra.
IFC will loan LMI up to $30 million to support the development plans in the two industrial zones.
Compared with current thermal power on Ghana’s national grid, LMI’s solar plant in Tema FZ, together with the water plant, is expected to reduce Ghana’s emissions by approximately 10,000 tons of CO2 equivalent annually.
Over the past decade, the IFC has provided over $4 billion in financing and advisory services to Ghanaian companies in various sectors. These include manufacturing, education, agribusiness, energy, healthcare, financial services, retail, tourism, and transport.