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German Bank to invest $40m in renewable energy in Ghana

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The German development bank’s private sector lending arm DEG, is expecting its new financing for projects in Ghana to reach $40 million, as the bank identifies new opportunities in climate change, renewable energy and biomass projects for financing in the country.

The bank, which has been active in Ghana and West Africa financing turn-key infrastructural projects in the power and climate change areas, said it would leverage on its vast expertise in financing such projects in other parts of the world, particularly East Europe and Southern Africa.

The DEG West Africa Regional Director, Mr Andreas Voβ, told the Daily Graphic in Accra that DEG, which was a member of the KfW group of Germany, was interested in bankable private sector infrastructural projects.

To help showcase its product lines and interests more visibly, the financial organisation is supporting the Delegation of German Commerce and Industry (AHK), Ghana, to organise the first ever West African Clean Energy and Environment Exhibition and Conference.

The event will take place from November 6-8, 2012 at the Accra International Conference Centre, where there will be three days of thematic conferences with 50 confirmed high profile international speakers alongside exhibitions in water, sanitation and renewable (clean) energy.

Mr Voβ said DEG had already expanded its stake in the financial sector, mainly within the banks, and has financed some large private sector projects in the power sector – a trend it was committed to sustain.

DEG is hoping to also commit over $88 million in investments in its areas of focus within West Africa.

About 70 exhibitors have registered to participate in the maiden WACEE, with companies coming from Germany, the Netherlands, Denmark, the United States, Australia as well as the West African sub-region.

The Delegate, the Delegation of German Commerce and Industry, Mr Patrick Martens, told the Daily Graphic that the conference and exhibitions were expected to attract over 200 participants to its conferences and 700 visitors to the fair grounds.

Mr Martens expressed satisfaction at preparations so far, saying “Ghanaian entrepreneurs and companies will have the opportunity to meet their counterparts from Europe and other parts of the world and exchange contacts for further business.”

Although West Africa has great potential for renewable energy, as the region abounds with lots of water bodies, abundant sunshine and gas reserves, it has done little to explore them due to inadequate financing and technology.

But Mr Martens believes that such an exhibition would help make available the needed technology and expertise West Africa needs to harness its potential in water and sanitation as well as clean energy.

Ghanaian bodies, the Association of Ghanaian Industries (AGI), the Ghana National Chamber of Commerce and Industry (GNCCI), the Ghana Chamber of Mines and the Ghanaian-German Economic Association (GGEA) are collaborating with the organisers of WACEE.

Other chambers of industry and commerce in Germany, the Netherlands, Switzerland, the Afrika Verein of Germany, DENG Ghana and the logistics and transport company, DB Schenker, are all supporting the historical fair.

Source: Daily Graphic

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