Absa Bank backs 100-MW solar power project in Ghana

South African financial services company Absa Group (JSE:ABG) has provided a USD-24-million (EUR 21.8m) green corporate loan to support the construction of a solar power plant in Ghana.

The 100-MW facility is a project of the state-run renewable power firm Bui Power Authority (BPA) and it will be led by West Africa-focused PV developer Meinergy Technology Limited.

The solar site in Ghana marks the first-ever green loan undertaken by Absa Ghana, said the company, which is the former South African subsidiary of British lender Barclays.

“We firmly believe that a diversified power sector, combining thermal and renewables, is the key to addressing Africa's energy needs,” noted Ellen Ohene-Afoakwa, director of corporate and investment banking at Absa Bank.

BPA was launched for the realisation of a hydroelectric project in Ghana. The company now executes renewable energy projects on behalf of the state. In June, it announced the completion of a 5-MW floating solar facility at its Bui Generating Station in the Bono Region.

(USD 1 = EUR 0.910)

Choose your newsletter by Renewables Now. Join for free!