Ghana’s Renewable Energy Sector receives $1.5 Million Grant from AfDB

Hohoe, Sept. 25, GNA – Ghana’s renewable energy
investment drive receives a boost of US$1.5 million grant from the African
Development Bank’s Sustainable Energy Fund for Africa (SEFA).

The grant will support the country’s efforts
to overcome technical, financial, regulatory and institutional barriers to
scaling-up renewable energy investments in Ghana.

The project, according to a release from AfDB
and copied to Ghana News Agency, is part of the Bank-led Climate Investment
Fund (CIF) and the Scaling-up Renewable Energy Programme (SREP) Investment Plan
for Ghana, will complement the Bank’s effort in the Ghana Energy Development
and Access Programme (GEDAP).

The SEFA grant, will fund two broad
components: the technical/commercial/regulatory and feasibility studies, aimed
at providing detailed renewable energy resource studies, grid integration
studies and regulatory texts, and resources and public sector skills and
capacity development.

In a bid to create an enabling investment
climate for renewable energy, the Government of Ghana, put in place several
policy and regulatory measures, including the Renewable Energy Act 2011 (Act
832).

However, gaps within the existing renewable
energy regulatory framework, continued to slow down private investment in the
sector.

Amadou Hott, Bank Vice President for Power,
Energy, Climate Change and Green Growth said, “African Development Bank’s
intervention will address the identified barriers and strengthen Ghana’s
enabling environment to unlock more private sector investments into renewable
energy projects.”

Acknowledging the Bank’s ongoing commitment to
climate finance, Hott stated that the SEFA grant, will fund the preparation of
detailed technical/commercial/regulatory, grid integration and feasibility
studies, provide resources and tools, and enable public sector actors with the
requisite skills and capacity development to maintain renewable energy assets.

The technical assistance, supports Ghana’s
Strategic National Energy Plan, its National Energy Policy, SEforALL Action
Agenda targets, the Energy Sector Strategy and Development Plan as well as the
ECOWAS Renewable Energy Policy.

This assistance is fully aligned with the
Bank’s New Deal on Energy for Africa.

Launched in 2012, SEFA is a US$ 90-million
multi-donor facility funded by the governments of Denmark, the United Kingdom,
the United States and Italy.

It supports the sustainable energy agenda in
Africa through grants to facilitate the preparation of medium-scale renewable
energy generation and energy efficiency projects; equity investments to bridge
the financing gap for small- and medium-scale renewable energy generation
projects; and support to the public sector to improve the enabling environment
for private investments in sustainable energy.

SEFA is hosted by the Renewable Energy
Department of the AfDB.

GNA

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