A 100-megawatt-peak solar plant at Dawa, financed at about GHS 1.04 billion (US$88.6 million at the Bank of Ghana's mid-rate of 11.6900 on 13 November 2026), is expected to generate 129.5 GWh of electricity a year, according to fund manager Ninety One, which announced its part of the debt on 12 November 2026.
That projection is equal to 62.4% of the 207.5 GWh produced in 2025 by Ghana's grid-connected solar and biogas plants, the line the Energy Commission labels as renewables in its 2026 Energy Outlook. It is not 62% of all renewable or clean power. Large hydro, counted separately, generated 8,752 GWh, or 32.4% of the 27,015 GWh Ghana generated in 2025.
Source: Energy Commission, Energy Outlook for Ghana 2026; Ninety One, 12 November 2026. The 403 GWh bar is the Commission's 2026 base-case projection, not an actual. Dawa's 129.5 GWh is a Ninety One projection.
A US$60.6 million (GHS 708 million) debt package, 68.4% of the cost, includes a US$24.2 million direct loan from the International Finance Corporation (IFC), US$18.15 million from the Emerging Africa & Asia Infrastructure Fund and Ninety One's Africa Credit Opportunities strategy, and a contribution from the World Bank's International Development Association. LMI Holdings is putting in US$28 million of equity.
Enclave Power Company, which Ninety One calls Ghana's only licensed private electricity distributor, will send the power about 40 kilometres across the grid to more than 95 manufacturers in the Tema Free Zone and Dawa Industrial Zone, in sectors including cocoa, cement and steel.
For scale, the Energy Commission lists 248 MW of renewable capacity, excluding large hydro, on its 2026 supply list, including 66 MW due in 2026 at Pwalugu and Yendi. Dawa's 100 MWp is 40.3% of that list. Solar and biogas supplied 0.8% of 2025 generation; thermal plants supplied 66.8%.
IFC and Ninety One say the project supports a Renewable Energy Master Plan target of 10% renewables by 2030. The plant's expected output equals 0.48% of 2025 generation.
The catch is the calendar. When IFC committed the first US$21 million of a US$100 million facility in February 2025, it said the first 100 MW phase was "scheduled for completion by October 2026", with another 50 MW by June 2027, for a 150 MW plant. A Presidency sod-cutting on 6 November 2025 said the first 100 MWp was expected by December 2026.
On 17 September 2026, LMI and IFC signed a US$39.5 million second tranche to support the first phase of what LMI now calls an intended 200 MWp plant. Graphic Online said the money was "supporting the completion" of a first phase "currently under construction". No operator or regulator has announced commissioning, so the October 2026 date has passed without a finished plant on the public record.
The later December 2026 date has not. LMI, IFC and the Energy Commission were not asked today.
The second catch is price. Ninety One promises "lower-cost" power, but no tariff has been published for the manufacturers, or for the wheeling charge on the national grid. The saving for Tema's factories is a claim, not a number.
The 129.5 GWh projection implies a capacity factor of about 14.8% on nameplate (desk arithmetic), plausible for Ghana but untested until it runs.
Sources: Ninety One, "EAAIF and Ninety One join forces with IFC and IDA to finance USD $88.6 million 100 MWp industrial solar plant in Ghana's export processing hub", 12 November 2026. Energy Commission, Energy Outlook for Ghana 2026 (cover-dated February 2026; PDF created 11 May 2026). IFC, "IFC Deepens Partnership with LMI Holdings to Expand Clean Energy to Industrial Zones in Ghana", 12 February 2025. LMI Holdings, "IFC Backs Ghana's Industrial Push with USD 39.5 Million Solar Financing for LMI Holdings", 26 October 2026 (signing 17 September 2026). Graphic Online, "IFC provides US$39.5m for solar project at Dawa Industrial Zone", 17 September 2026. The Presidency, "Ghana ready to lead Africa's industrial renaissance – President Mahama assures as he cuts sod for Dawa Industrial Enclave Solar Park project", 6 November 2025. Bank of Ghana, Daily Interbank FX Rates, 13 November 2026.