Absa Bank Ghana takes lead in green financing with $24m solar plant investment

Ghana's ambitious journey to diversify its energy mix and embrace renewable resources has received a significant boost with a groundbreaking US$24 million corporate green loan facilitated by Absa Ghana.

The funds will finance a pioneering 100MW solar plant for the Bui Power Authority, further strengthening the country's energy capacity and advancing its commitment to sustainable development.

Meinergy Technology Limited, a reputable company specializing in renewable energy solutions, is set to spearhead the transformative solar project. The deal also marks the first-ever green loan undertaken by Absa Ghana, solidifying its position as a leading advocate for green energy and regional sustainability.

The Absa team's tireless efforts to secure this landmark deal were underpinned by strict adherence to the bank's rigorous sustainable lending requirements. The project underwent thorough scrutiny to meet specific criteria and standards, ensuring its successful passage as a commendable green loan initiative.

Ellen Ohene-Afoakwa, Director of Corporate and Investment Banking at Absa Bank, emphasized the institution's unwavering commitment to Africa's clean energy transition.

She said: "The world's attention is increasingly turning towards clean energy and climate change mitigation. We firmly believe that a diversified power sector, combining thermal and renewables, is the key to addressing Africa's energy needs. As a bank, we are fully dedicated to supporting Africa's clean energy revolution, which will spur job creation, stimulate economic growth, and alleviate poverty. This perfectly aligns with our purpose of empowering Africa's tomorrow together - one story at a time."

Meinergy Technology's impressive track record in delivering major renewable projects across the continent played a pivotal role in the deal's success. The company's previous accomplishments include a power supply to ECG from its 20MW solar farm in Winneba; and a successful 10MW project in Longyuan for the State Grid Corporation of China.

With Absa's visionary green loan and Meinergy's expertise, Ghana is poised to make significant strides in its transition towards cleaner, more sustainable energy solutions. The 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.