Ghana Capital Partners (“GCP”) was awarded the runners-up prize in Abidjan, Côte d’Ivoire on 17 September 2015, at the West Africa Forum for Clean Energy Financing (WAFCEF-2).
Jointly organised by the African Development Bank (AfDB) / Sustainable Energy Fund for Africa (SEFA), the ECOWAS Centre for Renewable Energy and Energy Efficiency (ECREEE) and the Climate Technology Initiative – Private Financing Advisory Network (CTI P-FAN), the second West Africa Forum for Clean Energy Financing (WAFCEF-2) business plan competition took place at AfDB Abidjan headquarters, September 17, 2015 as part of the ECOWAS Sustainable Energy & Investment High Level Forum.
The GCP project was the only project from Ghana to be included as a finalist. The other projects were from all over West Africa, including Senegal, Burkina Faso, and Nigeria.
Founder of GCP, Sidney Yankson said, “It was a great honour to represent Ghana at this event. Yesterday at the Energy Week Forum we heard Akinwumi Adesina, the President of the African Development Bank, the Prime Minister of Côte d’Ivoire, the Prime Minister of Benin and the Prime Minister of Democratic Republic of Congo all share their support and vision for renewable energy as a key part of Africa’s future. It was great to be a part of that.”
GCP’s ground mounted 28MW solar PV project will provide much needed electricity to Ghana and will produce enough power annually to power 200,000 homes. This will raise one million (1,000,000) people out of energy poverty. The project will also reduce green house gas (carbon offset) emissions by 18,900 tonnes of carbon dioxide (CO2) per annum for the 25 years of the plant.
Alex Deprez, regional director of USAID said that together with Power Africa, USAID was happy to support clean energy projects in the region.
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SEFA is a USD 90 million multi-donor facility funded by the governments of Denmark, the United Kingdom and the United States. It supports the sustainable energy agenda in Africa through: grants to facilitate the preparation of medium-scale renewable energy generation and energy efficiency projects; equity investments to bridge the financing gap for small- and medium-scale renewable energy generation projects; and support to the public sector to improve the enabling environment for private investments in sustainable energy. SEFA is hosted by the Energy, Environment and Climate Change Department of the AfDB.
ECREEE is a specialised agency of the Economic Community of West African States (ECOWAS) which acts as an independent body, within the legal, administrative and financial framework of ECOWAS rules and regulations. The overall objective of ECREEE is to contribute to the sustainable economic, social and environmental development of West Africa by improving access to modern, reliable and affordable energy services, energy security and reduction of energy-related GHG emissions and climate change impacts on the energy system.
About CTI PFAN
CTI PFAN is a multilateral, public-private partnership initiated by CTI in cooperation with the UN Framework Convention on Climate Change’s Expert Group on Technology Transfer.