The European Union (EU), through Agence Francaise De Development (AfD), has made available 30 million Euros to the Energy Commission for the implementation of energy efficiency and renewable energy projects under Sustainable Use of Natural Resources and Energy Finance Programme (SUNREF) in the West African country, Ghana.
The funds would be lodged with some selected Ghanaian financial institutions which would, then, provide green credit loans to industries to enable them finance their small and medium scale renewable energy and energy efficiency projects.
The SUNREF Ghana programme, which emanated from the conclusion of a feasibility study financed by AFD, which highlighted the urgent need for investments in renewable energy and energy efficiency, is expected to promote the development of a low carbon economy by financing the development of renewable energy and energy efficiency solutions.
At a brief signing ceremony at the Energy Commission’s head office in Accra on Friday, the French Ambassador to Ghana, Her Excellency Mrs Anne Sophie Ave, and the EU Ambassador to Ghana, H.E Mrs Diana Acconcia, highlighted the main features of the SUNREF programme.
The programme focuses on three pillars namely credit lines financed by AFD of up to 30 million with local banks, a technical assistance facility with support from the European Union-Africa Infrastructure Trust Fund (EU-AITF) of 2 million and investment grant scheme of 2.4 million to provide additional incentives to green investments.
This intervention from AFD forms part of an integral part of the mandate of the Energy Commission in the promotion and development of renewable energy and energy efficiency initiatives in the country.
Additionally, SUNREF would offer a platform, under the TAF, to build the capacity of Energy Commission, key stakeholders and partner banks of advanced technologies and method, allowing them to offer better advice and products to their customers.
The outcome of these projects would immensely contribute to reduction in energy consumption by up to 7GWh yearly, and increase the shares of RE in the overall energy mix, and, consequently contribute to reduction of carbon dioxide emissions.
