Melcom Group has collaborated with Societe General Ghana (SG Ghana) to implement a rooftop solar photovoltaic (PV) power system with a capacity of 1.6 megawatts (MW) at its supermall located on the Spintex Road in Accra.
Solar Project Completed Within Three Months
The project, conducted concurrently at two additional Melcom outlets in Tema-187 kWp, and Madina-162 kWp, was completed within three months. The setup, designed to fulfil the energy requirements of the shops entirely, is connected to the national grid, allowing surplus power to be transferred to bolster the grid's capacity.
According to BusinessGhana, Melcom Group secured funding for the project through a GH¢13 million loan from the green financing segment of Societe General Ghana (SG Ghana). The installation can cater to approximately 2,600 households, each with an average monthly consumption of 600 kilowatt hours.
During the launch event held in Accra on Saturday, Rupesh Singh, the Group Project Manager at Melcom, expressed their intention to extend the installation of the system to their other regional branches. He emphasized the goal of reducing reliance on the Electricity Company of Ghana (ECG) by generating their power in the upcoming years.
Present at the launch from Melcom Group were Mahesh Melwani, the Group Joint Managing Director; Manish Malik, the Group Chief Financial Officer; Sonya Sadhwani, the Group Executive Director; Francis Sam, the General Manager; and Godwin Avenorgbo, the Group Director of Communications.
Mitigating the Environmental Impacts Of Solar Power
Hakim Ouzanni, the Managing Director of SG Ghana, emphasized that the initiative, aimed at reducing Melcom's Spintex Branch's electricity expenses by up to 35 percent, represented a significant investment in renewable energy. He highlighted that this initiative not only demonstrated a commitment to combating climate change but also showcased the potential of solar energy in mitigating the environmental impacts associated with traditional energy sources. Ouzanni emphasized that harnessing solar power could not only reduce carbon emissions but also establish a more sustainable and resilient energy infrastructure.
Ouzanni stated, "At SG Ghana, we acknowledge the urgent need to transition to a low-carbon economy. Thus, we are proud to support initiatives like Melcom's solar project, which align seamlessly with our values of environmental stewardship and responsible investment."
He further explained, "This financing arrangement reflects our firm belief in the viability and promise of renewable energy ventures. Our goal is to accelerate the adoption of clean energy technologies and drive positive changes within our energy landscape through innovative financing and strategic partnerships."
Hala Jurf, the Business Development Manager of SG Ghana, who oversaw the project, emphasized that it was the result of months of meticulous planning, design, and hard work by the company's staff. She emphasized that the project represented more than just the installation of solar panels and cables; it symbolized the collective dedication to sustainable energy solutions.
Ghana: A Fertile Land for Solar Investment
Ghana is increasingly attractive to foreign investment in solar energy, thanks to its abundant solar potential and favourable business environment. The government's ambitious target of deriving 5% of electricity from solar sources by 2030 has catalyzed interest in utility-scale solar projects. Tenders for such projects offer promising opportunities for companies, signalling Ghana's commitment to sustainable energy solutions.
Off-grid solar projects are another area ripe for investment, addressing the electricity needs of rural communities lacking access to traditional power grids. With the government launching tenders for off-grid projects, investors see potential in bridging the energy gap and fostering inclusivity.
The burgeoning solar energy sector also fuels demand for solar equipment manufacturing. Ghana's growing solar industry presents an opportunity for companies to establish operations, tapping into the rising demand for solar technologies.
Ghana's proactive measures, including net metering regulations, tax incentives, and a feed-in-tariff program, aim to nurture a conducive investment climate. Initiatives like the renewable energy fund further underscore the government's commitment to fostering renewable energy projects, highlighting Ghana's determination to embrace a sustainable energy future.