Deputy Energy Minister Hon. Herbert Krapa has disclosed that the government is committed to achieving installed capacity of 741.3MW out of the total of 1,350 MW installed renewable energy capacity, with current total achievement standing at 165MW.

The Deputy Minister made this statement in opening remarks on behalf of Energy Minister Dr. Matthew Opoku Prempeh at a solar energy event held by the Royal Norwegian Embassy earlier today at the Alisa Hotel in Accra.

Hon. Krapa revealed that there is an ongoing development of 200MW out of the 250 MW solar park by the Bui Power Authority which is expected to be completed by the end of 2024, and that the Volta River Authority has just completed phase 2 of the Kaleo project, bringing the total installed capacity for solar to 35 megawatts.

. “We have also secured a loan facility from the German Government to deliver 22MW of installed solar capacity for public buildings to reduce consumption on the national grid and bring the public sector debt to the power utilities to a manageable level” the Deputy Minister revealed.

On investment opportunities for private sector participation in the distributed renewable energy sector, Hon. Krapa referred to the country’s renewable energy master plan, citing assembling of renewable energy technology products, deployment of smart solar streetlights, solar lanterns and mini grids in the over 200 islands and 2,000 lakeside communities.

“We have revised the incentives for the renewable energy market which includes tax reductions and exemptions on materials and special components and machineries for the manufacturing of renewable energy technologies; take and pay arrangements for utility scale renewable energy projects and we hope that you will take advantage of this opportunities to invest in Ghana.

We have also lifted the temporary suspension of the licenses for renewable energy embedded generation for private or own use which now makes it possible for homes and SME's industries to invest in captive renewable energy for their own consumption”, he assured.

On Ghana’s suitability as an investment destination, the Deputy Minister referred to the country’s political stability, robust legal regime and viable fiscal regime, which he invited investors to take advantage of.

He assured the gathering of President Akufo-Addo’s deep commitment to supporting Ghana on the path to industrial growth, emphasizing value-addition through industrialization and sustainable job creation.

The event, which runs until tomorrow, aims to bring Norwegian solar energy companies together with financiers, legal and sector experts, customers and representatives of government institutions to share solutions for the Ghana solar energy market, in particular in the commercial and industrial segment, and to showcase what they can offer potential partners and energy users in Ghana.

Source: Sompaonline.com/Nana Yaw Boamah