Renewable Energy: Investments in sector hits $2bn – GIPC

Investments in Ghana’s renewable energy sector over the last decade has reached $2 billion according to the Head of Research and Business Unit at the Ghana Investment Promotion Centre (GIPC), Eugenia Okyere.

Making the assertion at the 7th Ghana Renewable Energy Fair themed ‘Removing Barriers to Renewable Energy Development in Ghana’ and held by the Energy Commission, Ms Okyere, noted that the investments were in only 29 renewable energy projects spread across the country with some projects yet to commence.

“Investment figures recorded in the renewable energy sector are good, they are not really high, but we are hoping that with the awareness of the needed investments within the sector being created, investments into the sector would grow and help the country inch closer to achieving the SDG Goal seven,” she said.

She said “Investments achieved within the sector has been close to $2 billion in the last decade from 29 projects and those projects include the recycling of biomass waste, construction and operation of solar generating plants and production of energy of some 200MW by grid-connected solar power plants.”

“Some projects recorded haven’t been done yet, but we are hoping platforms such as the Ghana Renewable Energy Fair will help increase interest within the sector and attract more investments,” she said.

Ghana’s renewable energy sector she noted, was in 2018 ranked 72nd in terms of total energy production globally, the first in West Africa and fifth in Africa for the ability to provide sustainable energy.

With regard to where to invest on the African Continent in renewable energy, Ghana presently ranks first in West Africa, 12th in Africa and 88th globally.

Speaking further at the Fair, Ms Okyere noted that renewable energy companies that want to be strategic investors to the country should be able to invest not less than $50 million into the sector.

She said renewable energy companies that become strategic investors stand to enjoy numerous tax waivers and exemptions.

“Solar energy companies [renewable energy companies] that want to be strategic investors should come with at least $50 million and above and that would need approval from Parliament, after which the GIPC will facilitate the investment process. Being a strategic investor comes with what is called the ‘wish list’ and with that, the investor would enjoy some tax waivers and exemptions on machinery and plants,” she noted.