The continental bank’s new contribution brings the total cost of the project to US$85.18 million.
The Board of Directors of the African Development Bank (AfDB) in Abidjan on 14 March approved a $28.49 million grant to Ghana to build renewable energy infrastructure that will increase the use of these energies by 10 percent by 2030, APA learnt on Wednesday.
According to a statement, the funding, which comes from the Climate Investment Fund’s Renewable Energy Development in Low Income Countries Programme, will support the construction of mini-grids, stand-alone solar photovoltaic systems and the installation of solar batteries to store excess energy, a practice known as net metering.
AfDB is committed to reducing greenhouse gas emissions on the continent. This latest Board approval brings the total cost of the project to US$85.18 million. The African Development Fund, the Bank Group’s concessional lending window, is providing US$27.39 million.
The Swiss State Secretariat for Economic Affairs and the Government of Ghana contributed US$13.30 million and US$16 million respectively.
The project involves the design, engineering, procurement, construction, installation, testing and commissioning of renewable energy systems for island communities in the Lake Volta region.
It is expected to contribute to closing the gender gap in outcomes through the creation of 2,865 equitable jobs and livelihoods, 30 percent of which will be for women and youth.
Through its “New Deal for Energy in Africa,” AfDB aims to promote the reduction of greenhouse gas emissions on the continent and to provide Africa with light and electricity as part of its “High 5” priorities for the continent’s socio-economic development.
TE/lb/abj/APA