IFC and LMI Partner to Develop $100M USD Solar Project

The International Finance Corporation (IFC) has strengthened its collaboration with Ghanaian conglomerate LMI Holdings to develop West Africa’s largest private-sector-led utility-scale solar project. The initiative aims to enhance energy security for industries operating in Tema and Dawa Special Industrial Zones, key economic hubs in Ghana.

As part of a broader $100 million loan facility, IFC will provide an initial $21 million to support the development of a 150-megawatt (MW) solar photovoltaic (PV) power plant. The project will be developed in two phases, with the first 100 MW set for completion by October 2026, followed by an additional 50 MW by June 2027.

The Solar For Industries (SFI) project, spearheaded by LMI Holdings, is designed to supply stable and cost-effective electricity to over 100 businesses across sectors such as food processing, cement, steel, textiles, and light manufacturing. By reducing carbon emissions by approximately 120,000 metric tons annually, the solar power plant will contribute to both environmental sustainability and lower energy costs for industrial consumers.

Kojo Botsio Aduhene, CEO of LMI Holdings, underscored the project’s long-term vision, stating, “A thousand-mile journey starts with a step. This is the beginning of our ambition to establish a 1,000 MW solar farm by 2032.”

Dahlia Khalifa, IFC’s Regional Director for Central Africa and Anglophone West Africa, emphasized the project’s impact, noting, “Expanding access to reliable and affordable clean energy is essential for fostering industrial growth and economic development in Ghana. Our partnership with LMI Holdings underscores IFC’s commitment to supporting private-sector-led renewable energy projects that enhance competitiveness, attract investment, and create jobs.”

This investment aligns with Ghana’s Renewable Energy Master Plan, which targets 10% renewable energy in the national energy mix by 2030. The partnership builds on previous IFC collaborations with LMI Holdings, including Africa’s largest single rooftop solar PV plant (16.82 MW) in the Tema Free Zone and a water treatment facility in the Dawa Industrial Zone.

The expanded IFC-LMI partnership represents a significant milestone in Ghana’s clean energy transition, reinforcing the role of private-sector investment in advancing sustainable and energy-efficient industrial growth.