At completion, the solar project, which will be the largest solar plant in Africa and the second in the world, would pave the way for companies to gain access to the European Union (EU) market.
Once in use, it is projected that the solar system will annually produce 24,750 MWh of clean, stable and sustainable electricity.
Mr Seth Mahu, the Director of Renewable Energy at the Ministry of Energy, told the Ghana News Agency that the rooftop project was significant as it would increase the country’s renewable energy stock to more that 200 megawatts installed capacity, representing 4.2 per cent.
“From where I sit at the Ministry, I know that between the year 2024 and 2035 the country will attract not less than two billion dollars investment in that sector,” he said.
“In the last decade the cost of solar has dropped so it is cheaper to produce electricity from solar than other plants. When the trend continues the cost of production will reduce and that will scale down the unit price of products.”
Mr Mahu noted that the project would contribute to reducing the country’s carbon footprint under the nationally determined contributions, and encourage ‘green’ production, a requirement for the EU market.
It would provide different levels of sustainable jobs, from labourers to engineers over the next 20 years, which would help grow the economy.
“Solar is now very competitive. The advent of the battery energy storage system is addressing unstable power in the solar sector,” he said.
Owned by Helios Solar Company (Helios), part of LMI Holdings, the solar rooftop project will supply 16.82 megawatt of energy to Helios and its partners.
The innovative solar system is funded by the International Finance Corporation (IFC) as part of an all-encompassing $30 million clean power and water deal with LMI Holdings to support job creation and greener, more sustainable, and more competitive industrial development in the country.
Per the Ghana Energy and Investment Plan, the country is highly likely to play a key role in the generation mix.
The plan envisages that solar might account for the majority of capacity with over 150 gigawatts in 2060.
This will require significant technical, financial and policy support, to simplify and accelerate projects development.
