Ghana Solar Project Gets US$24 Million Loan
It is Absa Ghana's first corporate green loan.
Absa Ghana has provided US$24 million in financing to support the construction of a 100MW solar plant in Ghana.
The bank says the deal is its first corporate green loan.
The local Meinergy Technology is developing the project for the Bui Power Authority (BPA). Absa Ghana stated that the company’s “impressive track record in delivering major renewable projects across the continent played a pivotal role in the deal's success”.
It added: “Bui Power Authority's 100MW solar plant will undoubtedly fortify the nation's energy capacity and cement Ghana's position as a regional leader in the pursuit of a greener future.”
Earlier, in June, BPA announced the completion of a 5MW floating solar project in the Bono region. The authority said the project is the first of its kind in West Africa. The photovoltaic modules have been installed across 8.5 acres on the Bui water reservoir. BPA said that achieving the same power production on land would have required 19.35 acres.
In addition to the more than 50% space saving, the cooling effect of the water on the panel temperature results in higher performance efficiency. The floating solar system also obviates the need to cut down trees and creates a favourable environment for fish spawning underneath, promoting fingerling production and supporting aquatic ecosystems.
The 5MW floating solar plant forms part of the wider Bui hydro-solar hybrid (HSH) system, which currently comprises 404MW of hydro production, 55MW of ground-mounted solar generation and a 10MWh battery energy storage system.
Photo: Solar panels (Source: Absa Ghana)