The Minister of Finance, Seth Terkper has announced the approval of a $230 million scaling-up Renewable Energy Investment Plan (SREP-IP) by the Climate Investment Fund.
The approval, which will allow government to invest in the mini-grid sector, is expected to increase the country’s renewable energy generation capacity to achieve price reduction in electricity.
According to Mr. Terkper, the plan would be public sector-led, with the private sector providing essential services such as engineering, procurement and construction.
“The SREP-IP is currently being considered by the government for implementation. The Ministry of Power would leverage additional financing to achieve flagship investments in the renewable energy sector under the SREP-IP Programme,” he said.
Speaking at the second edition of the Ghana Renewable Energy fair themed, ‘Energy and Energy Efficiency, Accelerating Energy Access and Security,’ Mr. Terkper, whose speech was read on his behalf by Deputy Minister of Finance, Mona Quartey, said the government is well aware of the important role renewable energy can play in accelerating and catalyzing the country’s socio-economic development and the achievement of universal access ahead of the target date of the UN Sustainable Energy for All Initiative.