Ghana: AfDB approves $1.5 million grant for renewable energy

Image: IISD Reporting Services

The African Development Bank (AfDB) has approved a $1.5 million grant to assist Ghana’s renewable energy investment drive.

The grant, approved from the AfDB’s Sustainable Energy Fund for Africa initiative, will support government’s efforts to overcome technical, financial, regulatory and institutional barriers to scaling-up renewable energy investments in the West African country, the AfDB said in a statement released on Monday.

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

According to the statement, the grant will cover the technical, commercial, regulatory and feasibility studies which are aimed at providing renewable energy resource studies, grid integration studies, regulatory texts, resources and public sector skills and capacity development.

The grant will work towards the AfDBs New Deal on Energy for Africa, which is an initiative that hopes to achieve universal access to energy in Africa by 2025.