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The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, has announced a USD 18.15 million loan commitment to locally owned conglomerate LMI Holdings through its subsidiaries, Solar for Industries Ltd (SFI) and Enclave Power Company Ltd (EPCL). The facility will support the development and operation of a 100MWp ground-mounted solar PV plant in Dawa, Ghana, supplying lower-cost clean energy to more than 95 energy-intensive manufacturers in the Tema Free Zone.
The commitment comprises USD 15.65 million from EAAIF and USD 2.5 million from Ninety One’s Africa Credit Opportunities strategy. SFI is a newly formed special-purpose vehicle dedicated to solar generation, while EPCL is LMI’s main operating utility. As Ghana’s first and only licensed private electricity distributor, EPCL helps reduce state off-taker risk and offers a privately led utility model for Africa’s clean energy transition.
IFC led the financing for the USD 88.6 million project’s first phase, providing a direct loan of USD 24.2 million and partnering with EAAIF, Ninety One, and the World Bank’s International Development Association (IDA) to mobilise the remaining USD 60.6 million debt package. LMI Holdings’ USD 28 million equity investment completed the total financing package.
The 100MWp solar facility is expected to generate 129.5 GWh annually in Phase 1. EPCL will wheel the power approximately 40 kilometres across the national grid under a Transmission Service Agreement (TSA) to the Tema Free Zone, supplying more than 95 industrial tenants across the Tema Free Zone and Dawa Industrial Zone.
The project offers a model for transition finance in sub-Saharan Africa by enabling backward integration for LMI Holdings and supporting the decarbonisation of Ghana’s main industrial manufacturing hub. With exports accounting for approximately 35% of Ghana’s GDP, stable, lower-cost solar power for key exporters in sectors including cocoa, cement, and steel will help reduce indirect greenhouse gas emissions, strengthen corporate green credentials, and support Ghana’s export competitiveness.
The project also supports Ghana’s Renewable Energy Master Plan, which aims to increase the share of renewables in the national generation mix to 10% by 2030. It also aligns with PIDG’s 2023–2030 Strategy, which prioritises climate finance, market transformation, and private capital mobilisation across emerging markets.
Martijn Proos, Co-Head of Emerging Market Alternative Credit, Ninety One, the fund manager of EAAIF, said: “This transaction highlights EAAIF’s commitment to financing transition infrastructure that accelerates green growth and delivers affordable, reliable power to Ghana’s manufacturing heartland.”
Mr. Kojo Aduhene, Founder, Chairman, and CEO of LMI Holdings, said: “Following the success of our 16.8MWp Helios Solar rooftop project in Tema, we are privileged to be part of this structural evolution in Ghana’s power and energy sector by effectively demonstrating how private innovation can drive the nation’s sustainable economic development.”
Nathalie Kouassi Akon, IFC Division Director for West Africa Gulf of Guinea, said: “Ghana’s clean energy transition is also an investment in the country’s industrial growth and competitiveness. This solar project will help manufacturers lower electricity costs and reduce emissions strengthening their capacity to expand production, create jobs, and compete in regional and global markets