FP231
Accelerating Solar Action Program (ASAP)
Accelerating Solar Action Program (ASAP)
The Accelerating Solar Action Programme (ASAP) supports Ghana’s much-needed transition away from fossil fuels, in line with the country’s Nationally Determined Contributions (NDC) priorities. Current mitigation efforts to reduce greenhouse gas (GHG) emissions are being impeded by the impact of climate change on water resources. The reduced hydropower capacity, which is Ghana's primary source of renewable energy, is being offset by a growing dependency on fossil fuels. Despite the potential of solar photovoltaic (PV) technology to prevent a fossil-fuel lock-in, limited financial and technical capacities hinder its adoption nationwide. Ghana's installed solar capacity currently represents less than one per cent of the energy mix.
ASAP's objective is to address these barriers. Implemented and co-funded by Ecobank Ghana Limited, the programme leverages concessional finance to promote the adoption of distributed solar PV systems among Micro, Small, and Medium Enterprises (MSMEs) and households. This initiative not only has the potential to lower Ghana's GHG emissions but also aims to promote sustainable energy financing. The programme also features capacity development activities across all key stakeholders, including Ecobank Ghana, distributed solar PV vendors, and the Energy Commission of Ghana. Better access to credit, robust demand from borrowers, decreased cost of technology and equipment, along with enhanced technical expertise among solar PV vendors and regulators, are anticipated to create a significant market size for solar PV. This development is expected to contribute to Ghana’s long-term energy security.
Project timeline
Pipeline
14 Apr 2020 - 1423 days
Funding proposal received
14 Apr 2020
Cleared by GCF Secretariat
20 Dec 2023
Legal opinion on AE's Internal Approval
05 Feb 2024
Cleared by iTAP
12 Feb 2024
Approved
06 Mar 2024 - 245 days so far
Approved by GCF Board
06 Mar 2024
FAA executed
12 Aug 2024
Under implementation
To be completed
-
Financing
- Private sector
- Public sector
-
Size
- Micro
- Small
- Medium
- Large
GCF financing
Instrument | Amount |
---|---|
Loan | USD 15,000,000 |
Grant | USD 1,197,530 |
Total GCF Financing |
---|
USD 16,197,530 |
Co-financing
Co-financer | Instrument | Amount |
---|---|---|
Co-Financing | Loan | USD 15,000,000 |
Co-Financing | In-kind | USD 380,000 |
Total Co-Financing |
---|
USD 15,380,000 |
GCF Contacts
General media inquiries
GCF CommunicationsSend e-mail
Request for information
GCF Information DisclosureRequest information about this project
Project complaints and grievances
GCF Independent Redress Mechanism (IRM)Phone +82 32 458 6186 (KST)
File a complaint
Integrity issues
GCF Independent Integrity Unity (IIU)Phone +82 32 458 6714 (KST)
Send e-mail
Entity
More contacts
National Designated Authority
Ministry of Finance
Director of Economic Strategy and Research Division
P.O. Box MB 40 Ministries, Accra, Ghana
Documents
Title | Type | Date |
---|---|---|
Accelerating Solar Action Program (ASAP) | Approved funding proposal | 04 Apr 2024 |
Gender assessment for FP231: Accelerating Solar Action Program | Gender assessment | 07 Mar 2024 |
Gender action plan for FP231: Accelerating Solar Action Program | Gender action plan | 07 Mar 2024 |
Environmental and social safeguards (ESS) report for FP231: Accelerating Solar Action Program (ASAP) | Environmental and Social Safeguards report | 29 Jan 2024 |