Solar for Industries

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     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 (PV) power for industrial parks in Tema (Meridian Industrial Park) and Dawa Industrial Parks in Ghana (the “Project”). The solar farm will consist of a 150 MWp solar Photovoltaic (PV) 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 (EPC) Contractor (or the ‘contractor’) 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 (Afs) have been identified under the Project. 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. LMI Holdings, through EPCL, has been an IFC client since 2022 (https://disclosures.ifc.org/project-detail/SII/43407/lmi-holdings-ltd). The existing investment’s Environmental and Social (E&S) performance has been satisfactory based on IFC’s supervision to date.