Absa Backs Ghana's 100-MW Solar Plant

• Absa Group provides USD-24-million corporate loan to construct a 100-MW solar power plant in Ghana led by West Africa-focused PV developer Meinergy Technology Limited. This loan supports Ghana's renewable energy capacity & energy needs.

Absa Group, a South African financial services company, has provided a USD-24-million corporate loan to support the construction of a 100-MW solar power plant in Ghana. The project is led by West Africa-focused PV developer Meinergy Technology Limited and is the first-ever green loan undertaken by Absa Ghana, a subsidiary of British lender Barclays. The loan will be used to develop the solar site in Ghana, which is a project of the State-run renewable power firm Bui Power Authority (BPA). This will be BPA's second renewable energy project on behalf of the State, with the first being a 5-MW floating solar facility at its Bui Generating Station in the Bono Region. The loan will be used to increase Ghana's renewable energy capacity, allowing the country to address its energy needs.

What Impact Will Absa's $24M Loan Have on Ghana's Renewable Energy?

• The USD-24-million loan provided by Absa Group will be used to develop and construct the 100-MW solar power plant, contributing to Ghana's renewable energy capacity.
• This is the first green loan to be undertaken by Absa Ghana, a subsidiary of British lender Barclays.
• The project is being led by West Africa-focused PV developer Meinergy Technology Limited.
• The loan will help Ghana to address its energy needs and reduce its reliance on traditional fuel sources.
• The project is part of the State-run renewable power firm Bui Power Authority (BPA)'s plan to expand renewable energy sources in the country.
• This is BPA's second renewable energy project, with the first being a 5-MW floating solar facility at its Bui Generating Station in the Bono Region.
• In addition to contributing to Ghana's renewable energy capacity, this project is expected to create jobs and economic opportunities in the country.
• This loan will also help to promote economic growth and development in Ghana, as well as support the country's efforts to become more energy independent.