Ghana’s National Energy Policy (2010) aims to have 10% of electricity generation based on renewables by 2020. However, although the potential for development of renewable energy in Ghana is clear, research has identified a financing gap. JCS has therefore been working to raise additional capital.
The proposed Ghana Renewable Energy Risk Capital (GRERC) fund aims to finance projects in the renewable energy sector. We have a particular focus on SMEs, domestic and green projects. GRERC seeks to encourage clean and efficient energy, working with businesses seeking a ‘green’ focus. Assessment criteria for participation include:
• Early stage companies
• Revenue generating companies
• Companies with a strong proof of concept
• Possibility of commercialisation in the region
The GRERC Fund has a target size of USD $30 million and with a first closing target of USD $10 million
It is a medium to long-term fund with average investment of 5 - 7 years. It envisages one and half years for disbursement and another one and half years for recovery.