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. 

Total project value

 

Tonnes of emissions avoided

 

Theme

Mitigation

Result areas

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 - 139 days so far

Approved by GCF Board

06 Mar 2024

Under implementation

To be completed

One region

  • Africa

One country

One priority group

  • African States
USD  
  • Financing
    • Private sector
    • Public sector
  • Size
    • Micro
    • Small
    • Medium
    • Large

GCF financing

InstrumentAmount
LoanUSD 15,000,000
GrantUSD 1,197,530
Total GCF Financing
USD 16,197,530

Co-financing

Co-financerInstrumentAmount
Co-FinancingLoanUSD 15,000,000
Co-FinancingIn-kindUSD 380,000
Total Co-Financing
USD 15,380,000

GCF Contacts

General media inquiries

GCF Communications
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Request for information

GCF Information Disclosure
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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

Accredited Entity

Ecobank Ghana
Ms. Joana Mensah
Primary

Country Risk Manager
Mr. Frank Osei-Nkrumah
Secondary

Senior Legal Officer
More contacts

National Designated Authority

Ghana
Ministry of Finance
Dr. Alhassan Iddrisu Primary
Director of Economic Strategy and Research Division
P.O. Box MB 40 Ministries, Accra, Ghana

Documents