Bringing Clean Power and Water to Businesses in Ghana

In July 2022, IFC - International Finance Corporation and LMI Holdings , a Ghana-based company, signed a $30 million agreement to facilitate the generation of clean power and water to manufacturing companies.?

Located just 45 minutes away from the Tema Harbour, the Dawa Industrial Zone promises to become one of the premier manufacturing and logistics hubs to serve Africa’s growing industrial sector. Led by LMI Holdings, a privately owned Ghanian conglomerate, the project estimates to host over 100 companies and employ 15,000 people in the next few years. Yet, guaranteeing access to water and energy to such a big project could overwhelm the current utility providers and compromise the project as whole.?

To avoid this issue, LMI Holdings signed a $30 million loan with IFC to build their own water treatment plant, where the water will be properly treated and pumped into the industrial zone. The loan will also finance a 16.8-megawatt rooftop solar plant to provide green energy to the Tema Free Zone, another LMI project just minutes away.?

The new plant will treat 4,000m3 of water per day, and could later be expanded to a capacity of 11,000m3/d to provide water, not only to the Dawa Industrial Zone, but eventually to the new city of Dawa as well, contributing into a sustainable future for businesses and people in the region.?

“[LMI] has a strong track record of providing management services and utilities to generate recurring revenue,“ said Kyle Kelhofer, IFC’s senior country manager for Ghana. “IFC was keen to support LMI’s development plans, which will foster Ghanaian industry and value-added exports, and create jobs in a greener and more sustainable way."

This project was featured in the Fiscal Year 2022 Green and Social Bond Impact Report. Read the entire report at this link.

IFC Africa AFRICA INFRASTRUCTURE & ECA-FINANCE FORUM AFSIA (Africa Solar Industry Association) IFC Manufacturing AFRIK 21