The Climate Investment Fund for Ghana has announced the approval of the US$230 million Scaling-Up Renewable Energy Investment Plan (SREP), which is currently being considered by government for implementation.
Deputy Minister of Finance, Mrs Mona Quartey, who announced this, added that the Ministry of Power would leverage additional financing to achieve flagship investment in the renewable energy sector under the SREP programme.
She delivered a speech on behalf of the Minister of Finance, Mr Seth Terkper, at the opening of the Second Ghana Renewable Energy Fair, organised by the Energy Commission of Ghana.
She also announced that the Ministry of Power, in collaboration with the Energy Commission (EC), Ministry of Finance, the Ghana Grid Company, Northern Electricity Distribution Company and the Electricity Company of Ghana, with support from the German Development Co-operation (GIZ), has successfully conducted the pilot Mega Watts solar PV Tender.
The rationale, she said, is to accelerate the increase of renewable energy generation capacity to achieve price reduction in electricity.
She explained that the Government of Ghana is well aware of the important role renewable energy can play in accelerating and catalysing the country’s socio-economic development and the achievement of universal access ahead of the target date of the United Nation’s Sustainable Energy of All Initiative.
Mrs Quartey also mentioned that government is poised to scale up the construction of more mini-grids to cover the over 200 islands and 2,000 lakeside communities in the medium term.
To that effect, she said the government has taken a major policy decision to mainstream mini-grids into the National Electrification Scheme.
She added that the systematic exploration and development of the country’s renewable energy resources will remain a major priority of government as this has the potential to reduce development cost and accelerate the process to provide cost-effective alternative energy sources to the costly conventional energy sources.
The aim of this year’s fair is to bring together renewable and energy efficiency industry players to address the key challenges affecting the widespread utilisation of renewable energy and energy efficiency technologies in Ghana.
Dr Kwame Ampofo, Chairman of the Energy Commission, in his welcome address, stated that the second renewable energy fair is a confirmation of the Energy Commission’s commitment to the promotion of the growth of the renewable energy market in Ghana.
“Our vision is to achieve a vibrant energy sector where renewable energy technologies form an integral part and dominant part of our energy economy that enhances the sustainability of national development process,” he noted.
The fair, he said, therefore, seeks to encourage all Ghanaians to buy into the idea of hooking up to the renewable energy for a better, cleaner future.
The fair brought together investors and over 40 exhibitors, including public institutions such as the Volta River Authority, Public Utility Regulation Authority, Electricity Company of Ghana, and the Ministry of Power.
The theme for this year’s event is ‘Renewable Energy and Energy Efficiency: Accelerating Energy Access and Security’.
The Finder