Accra: Solar and wind energy combined with battery storage can now deliver reliable and cost-effective round-the-clock electricity, a new report by the International Renewable Energy Agency (IRENA) has said.
According to Ghana News Agency, the report titled "The Economics of Firm Solar and Wind" highlighted that hybrid renewable energy systems with storage are already delivering electricity at lower costs than fossil fuels in regions with strong solar and wind resources.
Commenting on the findings, Ant³nio Guterres, United Nations Secretary-General, stated that the global energy crisis had exposed the true cost of dependence on fossil fuels. He urged for an accelerated transition to renewable power, emphasizing the importance of investing in energy infrastructure and strengthening international cooperation to deliver clean, homegrown power globally.
Mr. Seth Mahu, Director in charge of Renewable Energy at the Ministry of Energy and Green Transition, noted that Ghana is experiencing significant growth in solar projects through public and private investments in mini-grids, rooftop systems, and utility-scale plants. He announced that Ghana had unveiled investment opportunities worth 3.4 billion dollars in the renewable energy sector to support its transition to a low-carbon economy by 2030.
Under Ghana's Energy Transition Framework, the country plans to add 400 megawatts of renewable energy capacity within five years through public and private sector funding. The investments will include utility-scale solar, wind, and landfill gas projects, the distribution of 1.5 million clean cookstoves, the expansion of solar street lighting, and the establishment of 400 solar-powered irrigation schemes covering about 400,000 hectares of farmland.
Mr. Mahu added that these initiatives would help increase the share of renewables in Ghana's generation mix from seven per cent to 15 per cent by 2030, while also creating thousands of green jobs.
IRENA reported that costs for solar photovoltaic systems had decreased by 87 per cent since 2010, onshore wind costs by 55 per cent, and battery storage costs by 93 per cent. The agency projected that continued technological improvements and manufacturing scale would further reduce renewable energy costs by up to 40 per cent by 2035, with some projects expected to generate electricity at below 50 dollars per megawatt hour.