The International Finance Corporation (IFC), a member of the World Bank Group, has released an additional US$39.5 million to the Solar for Industries (SFI) Project, an affiliate company of LMI Holdings, taking its total financing disbursement to US$60.5 million.

The latest tranche follows US$21 million committed in 2025 and is expected to support the completion of the first 100 megawatt-peak (MWp) phase of a planned 200 MWp solar photovoltaic project at the Dawa Industrial Zone.

The IFC has committed a total facility of US$100 million to the project, which is being developed in two phases.

The first 100 MWp facility is currently under construction, while the second phase will add another 100 MWp.

IFC Managing Director, Makhtar Diop, who is on an official duty visit to Ghana, signed on behalf of the IFC, while the Chief Executive Officer of LMI Holdings, Kojo B. Aduhene, signed on behalf of SFI.

Building on earlier partnership

The Dawa solar project builds on an existing partnership between the IFC and LMI Holdings.

Earlier cooperation supported the development of a 16.82 MWp rooftop solar facility at the Tema Free Zones Enclave and an 11,000 cubic metre-per-day water treatment plant at the Dawa Industrial Zone.

The rooftop installation is the largest operating facility of its kind in Africa, providing an earlier example of the partnership’s focus on industrial infrastructure and renewable energy.

Kojo B. Aduhene, CEO of LMI Holdings (left), and Makhtar Diop, MD of IFC

The SFI project represents a significant expansion of that cooperation into utility-scale solar generation.

Towards 1,000MW renewable capacity

SFI plans to develop up to 1,000 MW of renewable energy capacity by 2032, placing the Dawa project within a wider programme aimed at supporting Ghana’s industrial and energy-transition objectives.

The programme is designed to provide cleaner and more reliable power for industry, diversify energy sources and strengthen private-sector participation in Ghana’s energy sector.

Jobs and local participation

Construction of the 100 MWp facility is projected to create approximately 250 direct jobs, in addition to indirect employment opportunities.

Once operational, the project is expected to support 19 permanent jobs, while also creating opportunities for local businesses supplying goods and services to the development.

The broader objective is to link renewable energy expansion with industrialisation, economic growth and environmental sustainability.

The latest release brings IFC financing for the project to US$60.5 million, with further funding under the US$100 million committed facility expected to support the development of the remaining capacity.

The investment is an IFC US$100 million loan package, comprising up to US$30 million in A Loan financing, up to US$40 million mobilised in B/Parallel loans, and an additional US$30 million subordinated loan from the IDA Private Sector Window Blended Finance Facility.

The solar farm will consist of a 200 MWp solar photovoltaic (PV) power plant, with ground-mounted solar panels fitted on single-axis trackers, at the 2,000-acre Dawa Industrial Park.

Power for industrial tenants

Enclave Power Company Ltd (EPCL), also a wholly owned subsidiary of LMI Holdings, will offtake the power produced within the estate and distribute it to tenants in the industrial park, as well as support power transmission from Dawa to Tema.

LMI Holdings, through EPCL, has been an IFC client since 2022.

Once completed, the SFI project, an initiative of LMI Holdings, is expected to provide stable and cost-effective energy to more than 100 businesses across key industries, including food processing, cement, steel, textiles and light manufacturing.

The solar plant is expected to reduce carbon emissions by about 120,000 metric tonnes annually, while improving energy reliability and reducing energy costs for businesses.

The project aligns with Ghana’s Renewable Energy Master Plan, which aims to increase the share of renewable energy in the country’s energy mix to 10 per cent by 2030.

LMI’s industrial park expansion

LMI Holdings is a diversified Ghanaian conglomerate with interests in construction, property development, logistics, utilities and ICT.

It is the primary developer of the Tema Free Zones Enclave (TFZE), which hosts more than 100 companies operating in sectors including building materials and agro-processing.

As a leader in the design, construction and maintenance of industrial parks, LMI has also embarked on the development of its second industrial park, covering 2,000 acres, as part of the Dawa Smart City Development, about 40 kilometres east of Accra.