100 MW Dawa Industrial Solar Plant Attracts USD 88.6 Million

Emerging Africa Infrastructure Fund (EAAIF) and Ninety One have joined with the International Finance Corporation (IFC) and the International Development Association (IDA) to finance the 100 MW Export Processing Hub Solar Plant, backed by USD 88.6 million in funding. The deal packages debt and other capital to build generation capacity targeted at industrial consumers in Ghana.

The Export Processing Hub Solar Plant is expected to supply more than 95 industrial tenants across the Dawa and Tema industrial zones, with Phase 1 generation estimated at 129.5 GWh per year. Enclave Power Company (CPCL), a subsidiary of Ghanaian conglomerate LMI, will wheel the output about 40 km across the national grid under a transmission service agreement.

Under the financing structure, EAAIF and Ninety One will commit USD 18 million in senior secured debt as part of a USD 60.6 million co-financed debt package alongside the IFC and the IDA. The broader capital stack for the Export Processing Hub Solar Plant totals USD 88.6 million, with debt and other sources combined to meet construction and commissioning needs.

LMI, the parent of CPCL, has previously developed the 16.8 MW Helios Solar rooftop Solar Plant in Tema, which the company cites as operational experience it brings to the new development. LMI founder, chairperson and CEO Kojo Aduhene said the firm sees private investment as a component of Ghana's industrial energy strategy.

The transaction is presented by financiers as supporting Ghana's Renewable Energy Master Plan target of 10% renewables in the national generation mix by 2030. Nathalie Kouassi Akon, IFC West Africa Gulf of Guinea division director, said the Export Processing Hub Solar Plant will help manufacturers lower electricity costs and reduce emissions, strengthening their capacity to expand production, create jobs and compete in regional and global markets.