The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, has committed $18.15 million to support the development of a 100MWp solar power plant in Dawa, Ghana.

The financing will be provided to LMI Holdings through its subsidiaries, Solar for Industries (SFI) and Enclave Power Company (EPCL), and will support the supply of renewable electricity to more than 95 industrial manufacturers in the Tema Free Zone.

The commitment comprises $15.65 million from EAAIF and $2.5 million from Ninety One's Africa Credit Opportunities strategy.

The investment forms part of an $88.6 million financing package for the project's first phase, led by the International Finance Corporation (IFC).

IFC is providing a direct loan of $24.2 million and has partnered with EAAIF, Ninety One and the World Bank's International Development Association (IDA) to mobilise a total debt package of $60.6 million.

LMI Holdings is contributing $28 million in equity.

The 100MWp ground-mounted solar facility is expected to generate approximately 129.5 GWh of electricity annually during its first phase.

Electricity will be transmitted approximately 40 kilometres through Ghana's national grid to the Tema Free Zone, supplying manufacturers operating in the Tema Free Zone and Dawa Industrial Zone.

EPCL, LMI Holdings' operating utility subsidiary, is Ghana's first licensed private electricity distributor. Its involvement provides an alternative to conventional state utility offtake arrangements, helping to mitigate risks associated with state-owned electricity buyers.

The project will support manufacturers in energy-intensive sectors, including cocoa processing, cement and steel, by providing access to lower-cost renewable electricity.

“This transaction highlights EAAIF’s commitment to financing transition infrastructure that accelerates green growth and delivers affordable, reliable power to Ghana’s manufacturing heartland,” said Martijn Proos, Co-Head of Emerging Market Alternative Credit at Ninety One.

The investment follows LMI Holdings' development of the 16.8MWp Helios Solar rooftop project in Tema.

Kojo Aduhene, Founder, Chairman and CEO of LMI Holdings, said the new project demonstrated the potential for private investment to support Ghana's electricity infrastructure.

“Following the success of our 16.8MWp Helios Solar rooftop project in Tema, we are privileged to be part of this structural evolution in Ghana’s power and energy sector by effectively demonstrating how private innovation can drive the nation’s sustainable economic development,” he said.

The project is aligned with Ghana's Renewable Energy Master Plan, which targets a 10% renewable energy share in the national generation mix by 2030.

It also supports PIDG's 2023–2030 strategy, which focuses on climate finance, infrastructure development and private capital mobilisation in emerging markets.

Nathalie Kouassi Akon, IFC Division Director for West Africa Gulf of Guinea, said the investment would help strengthen the competitiveness of Ghanaian manufacturers.

“Ghana’s clean energy transition is also an investment in the country’s industrial growth and competitiveness,” she said.

“This solar project will help manufacturers lower electricity costs and reduce emissions strengthening their capacity to expand production, create jobs, and compete in regional and global markets.”