IFC, LMI Holdings expand partnership to power Ghana’s industrial growth

The International Finance Corporation (IFC), a part of the World Bank Group, and LMI Holdings have extended their collaboration to bolster Ghana's industrial expansion. This phase of the partnership will bring renewable energy to businesses operating in the Tema and Dawa Industrial Zones, enhancing sustainability and reliability of power supply.

Over 100 enterprises in various sectors, spanning manufacturing, agro-processing, logistics, and more, stand to gain from this initiative. The project is anticipated to generate approximately 250 direct jobs and around 500 indirect roles during construction, with 19 jobs expected to remain permanent post-construction.

The US$39.5 million financing package is earmarked for the completion of the initial 100 MW phase of a 200 MW solar photovoltaic project set in the Dawa Industrial Zone. This funding marks the second installment of a US$100 million facility, following an initial US$21 million commitment from IFC in FY24, which was disbursed in FY25.

By offering dependable and economical energy, the solar facility aims to assist businesses in decarbonizing their manufacturing processes, improving efficiency, and fostering expansion with increased confidence. Makhtar Diop, IFC Managing Director, and Kojo Aduhene, CEO of LMI Holdings, were photographed together to highlight the strategic alliance.

This investment aligns with LMI's integrated infrastructure across the Tema and Dawa Industrial Zones, encompassing electricity, water, logistics, and digital services. Furthermore, it adheres to Ghana's National Energy Transition Framework, which advocates for greater adoption of renewable energy while maintaining a balance between energy security and socio-economic development.

The financing package amalgamates IFC's capital, assistance from the International Development Association's Private Sector Window, and directly sourced private capital. This collective effort amplifies the funds available for the solar facility's completion and aids in reducing its cost. This endeavor builds upon a previous IFC-LMI partnership that facilitated the creation of a 16.82 MW rooftop solar facility in the Tema Industrial Zone and a 11,000-cubic-metre-per-day water treatment plant at the Dawa Industrial Zone, the latter being the largest operating installation of its kind in Africa.