Ghana’s updated Renewable Energy Master Plan for 2026–2030 is already attracting interest from domestic and international investors, with developers positioning projects to take advantage of opportunities in the country’s expanding clean energy market.
The five-year plan, unveiled by the Ministry of Energy and Green Transition, targets US$10.8 billion in investment to expand renewable energy generation, nearly doubling the US$5.6 billion projected under the original 2019 plan.
Its targets include 852 megawatts peak (MWp) of utility-scale solar capacity, 709 MWp of wind power, 127 megawatts of additional hydropower, and 440 mini-grids for rural and island communities. It also provides for 1.1 million solar lanterns and initiatives to expand biofuel use and improved cookstoves.
International wind developer Upwind International/NEK is among the companies whose existing project pipeline aligns with the government’s ambitions. The company has an estimated 1,800 MW of onshore wind projects in development and anticipates initial grid connections from 2029.
NEK, which has operated in Ghana since 1998, has developed six proposed coastal wind project areas between Tema and Ada in the Greater Accra Region. It received renewed Environmental Protection Agency permits for the six areas in October 2026, with construction of the first two or three wind farms expected to begin before October 2028.
The company is also pursuing offshore wind and floating solar developments near Anloga and Ningo, with proposed capacities of approximately 1,000 MW and 1,500 MW respectively.
Meanwhile, the International Finance Corporation and LMI Holdings are advancing commercial solar infrastructure for industrial users. On September 17, 2026, the partners signed a US$39.5 million agreement under a broader US$100 million master loan facility to support a 100 MW solar project at the Dawa Industrial Zone.
The development complements LMI’s existing 16.82 MW rooftop solar installation at the Tema Free Zones Enclave, with the company targeting 1,000 MW of installed solar capacity by 2032.
Another major proposal is the Buipe Renewable Energy Project in the Savannah Region, which envisages up to 1,500 MW of solar generation paired with battery storage.
Despite growing investor interest, execution remains critical. Grid connections, transmission infrastructure, financing structures and effective project coordination will determine whether the plan’s ambitious targets translate into operational capacity.
Investors also face the challenge of managing currency and utility payment risks as Ghana seeks to mobilise the capital required to transform its energy mix.
By: Toma Imirhe / businesspostonline
