Commercial & Industrial (C&I) Solar + Battery Storage Project under Ghana's Big Push PPP Framework

Ghana is experiencing a robust economic rebound in 2025–2026, with real GDP growth reaching 6% in 2025 (up from 5.8% in 2024), headline inflation collapsing to 3.3% by February 2026, and FDI surging to a provisional $2.61 billion — more than four times the $652 million recorded in 2024. The government's flagship 'Big Push' infrastructure initiative has committed GH¢13.9 billion (~$1.1bn) to priority projects in 2025 alone, rising to GH¢21.2bn by 2028, with PPPs explicitly positioned as the delivery vehicle. The AfCFTA Secretariat in Accra, China's June 2025 zero-tariff policy covering Ghana, the new Ghana Investment Promotion Authority bill (removing minimum capital requirements), and the Bank of Ghana's National Payment Systems Strategy 2025–2029 together create a uniquely favourable regulatory window. Key growth sectors are ICT/fintech (mobile money transactions up 74% YoY), agro-processing (cocoa, shea, cashew value addition), and renewable energy (IFC actively financing up to 200 MW of solar). European investors benefit from the EU–Ghana Economic Partnership Agreement covering 78% of tariff lines, and diaspora investors are well-positioned given Ghana's open-for-business posture under President Mahama.

The government's 'Big Push' initiative has explicitly ring-fenced energy and power generation as a priority sector within its $1.1 billion 2025 infrastructure spend, and the Ghana Infrastructure Investment Fund is establishing Special Purpose Vehicles to attract private capital via blended finance. Concurrently, the IFC has committed to supporting up to 200 MW of solar energy with LMI Holdings to reduce industrial energy costs, validating the C&I solar model with a credible anchor investor already in market.

Market drivers:

- Ghana 'Big Push' allocating $1.1bn to infrastructure in 2025 (rising to $1.6bn by 2028) with energy as an explicit priority, backed by petroleum and mineral royalty revenues

- IFC's 200 MW LMI Holdings solar commitment de-risking the C&I solar model and establishing bankable project precedents

- Rising electricity tariffs creating strong demand-side pull from industrial and commercial off-takers seeking cost-stable power through long-term PPAs

Risks:

- Currency risk: cedi has stabilised (3.3% inflation, Feb 2026) but historical volatility can compress USD-denominated returns on equipment-heavy capex

- Grid interconnection delays and regulatory approval timelines through the Public Utilities Regulatory Commission can extend project commissioning