Solar for Industries (IFC-49124)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Ghana
Geographic location where the impacts of the investment may be experienced.
Specific Location
Tema, Dawa
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 21, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Solar For Industries Ltd.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Industry and Trade
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 140.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 4, 2024

Disclosed by Bank Nov 22, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the IFC, the proposed investment is an IFC US$100m loan package (up to US $30 million A Loan, up to US $40 million mobilized in B/Parallel loans, and an additional up to US $30 million subordinated loan from the IDA Private Sector Window Blended Finance Facility) to Solar for Industries Limited (SFI), a newly formed subsidiary of LMI Holdings Ltd (LMI or the Group), to support the Group’s plan to develop and operate solar photovoltaic power for industrial parks in Tema (Meridian Industrial Park) and Dawa Industrial Parks in Ghana.

The solar farm will consist of a 150 MWp solar Photovoltaic power plant, with ground-mounted solar panels, fitted on single-axis trackers, at the 2,000 acre Dawa industrial park. The project will be executed over a period of 3-5 years in three phases. The engineering, procurement, and construction is yet to be appointed. Enclave Power Company Ltd (EPCL), also a wholly owned subsidiary of LMI, will offtake the produced power within the estate and distribute to tenants within the industrial parks, and power transmission from Dawa to Tema will be done through the existing Gridco grid lines (the state-owned grid) also used by other operators. No Associated Facilities have been identified under the Project.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

As stated by the IFC, the project is expected to cost US$140 million, comprising of (i) up to US$30 million “A” loan; (ii) up to US$40 million in “B”/“Parallel” loans; (iii) up to US$30 million IDA PSW loan and (iv) US$40.0 million funded by equity.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the IFC, Solar for Industries Ltd is a newly formed, 100% owned subsidiary of LMI. LMI is an industrial and property development group offering construction, land development, utilities, and logistics services in Ghana. LMI is wholly owned by Mr. Kojo Aduhene, a Ghanaian entrepreneur.
SFI will be integrating the pool of LMI’s subsidiaries, alongside EPCL and other subsidiaries beneficiaries of the previous IFC investment, under the umbrella entity LMI Utilities’, which operationally oversees the Group’s utilities business line.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - LMI Holdings Parent Company Industry and Trade

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Client - LMI Utilities:

Adlai Opoku-Boamah - Managing Director
Phone: +233 (0) 307020051
Email: a.opoku-boamah@lmi-utilities.com
Website: www.epcghana.com

Local Access for Project Documentation:

Address: 1 El Senoussi Street, Off Independence Avenue, Ridge, Accra
Phone: +233 (0)302224965
Website: www.lmi-ghana.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works