August 1, 2022

LMI Holdings Receives $30M Loan To Develop Ghana’s Solar Technology

Ghana-based construction company, LMI Holdings, has partnered with the International Finance Corporation (IFC) to enhance Ghana’s solar technology.

The partnership, which will see the IFC loan the company $30 million, will provide dozens of businesses with solar technology and essential infrastructure needed to boost their productivity. The funding will also enhance water development services in the Sub-Saharan African region. 

LMI Holdings, founded by Kojo Aduhene, is a private power distribution company that works to provide a reliable infrastructure for businesses in Africa. The organization’s commitment to building a 16.8-megawatt rooftop solar plant marks its commitment to building a more developed Ghana.

“As an indigenous Ghanian company, LMI is committed to the task of facilitating our country’s industrialization ambitions and boosting experts,” said Kojo Aduhene, CEO of LMI. 

“This partnership with IFC gives LMI the means and space to make big bets in Ghana.” 

The partnership will see LMI build solar and water treatment and distribution plants. The solar plant will help power businesses operating on the outskirts of Accra. Additionally, the water treatment plant will help serve businesses in the Dawa Industrial Zone located in Tema, Ghana, and companies on the outskirts of Accra. 

Over the past ten years, the IFC has provided over $4 billion in financing to Ghanaian companies in sectors including education, healthcare, financial services, manufacturing, plus more. 

“This project demonstrates how the private sector can bring effective solutions to development challenges and support job creation,” said Kyle Kelhofer, IFC’s Senior Country Manager for Ghana. 

Kumba Kpakima

Kumba Kpakima is a reporter at POCIT. A documentary about the knife crime epidemic in the UK got her a nomination for the UK's #30toWatch Young Journalists of the Year.