Accra:Ghana's updated Renewable Energy Master Plan for the period 2026–2030 is drawing significant interest from both domestic and international investors. Developers are actively positioning projects to capitalize on opportunities within the country's expanding clean energy market.
According to Ghana Web, the five-year plan, unveiled by the Ministry of Energy and Green Transition, aims to attract US$10.8 billion in investment to significantly expand renewable energy generation. This figure nearly doubles the US$5.6 billion projected under the original 2019 plan.
The plan outlines ambitious targets, including the development of 852 megawatts peak (MWp) of utility-scale solar capacity, 709 MWp of wind power, 127 megawatts of additional hydropower, and the creation of 440 mini-grids for rural and island communities. It also includes provisions 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 aligning with the government's renewable energy ambitions. The company has around 1,800 MW of onshore wind projects in development, with initial grid connections expected by 2029. NEK has been operating in Ghana since 1998 and 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 these areas in October 2026, with construction of the first projects expected to start before October 2028. Additionally, NEK is pursuing offshore wind and floating solar developments near Anloga and Ningo, with proposed capacities of approximately 1,000 MW and 1,500 MW, respectively.
Furthermore, the International Finance Corporation and LMI Holdings are progressing with commercial solar infrastructure for industrial users. On September 17, 2026, these partners signed a US$39.5 million agreement under a larger US$100 million master loan facility to support a 100 MW solar project at the Dawa Industrial Zone. This development complements LMI's existing 16.82 MW rooftop solar installation at the Tema Free Zones Enclave, as the company aims for 1,000 MW of installed solar capacity by 2032.
Another significant proposal is the Buipe Renewable Energy Project in the Savannah Region, which plans for up to 1,500 MW of solar generation paired with battery storage. However, despite the growing investor interest, the successful execution of projects is critical. Factors such as grid connections, transmission infrastructure, financing structures, and effective project coordination will be vital in translating the plan’s ambitious targets into operational capacity. Investors must also manage currency and utility payment risks as Ghana seeks to mobilize capital to transform its energy mix.