February 2020: Miniplast Limited, a Ghana-based plastic manufacturing and recycling company, has signed a contract to buy electricity from a 704 kWp grid-tied solar photovoltaic plant that will be installed on their factory roofs in the Spintex Industrial Area of the capital city Accra. The plant will be installed and operated by Stella Futura Ltd under a Power Sales Agreement signed between the three partners. The investment will be made through a local project company majority owned by Empower Invest, the impact investment fund managed by Empower New Energy (EmNEW).
Miniplast is a leading manufacturer of industrial and household plastic products with over 30 years of experience in the sector. The scalable 704 kW solar PV installation, which is expected to be commissioned in July 2020, forms part of Miniplast’s sustainability initiatives to be more environmentally-friendly and reduce plastic waste in Ghana. Through this renewable energy contract, Miniplast, Stella and EmNEW will contribute to the annual generation of over 1100 MWh of clean energy, with an estimated 800 tonnes of CO2 saved per year – equal to about 24 000 tons of CO2 during the first 30 year of operations. The investment will further generate about 50 job years during construction and operation.
Nadim Ghanem-Pares, Deputy Managing Director of Miniplast Limited, says “We’re excited to install one of the largest industrial and commercial solar PV systems in Ghana. This project will not only lead to increased use of clean and reliable power, but it will also reduce our diesel consumption and lower our electricity costs. Furthermore, this will be a flagship project to promote the use of renewable energy within the Spintex Industrial enclave of Accra. Miniplast Limited will continue its investment in plastic recycling. We installed a third recycling line at the factory in the beginning of February, increasing our capacity to become the largest plastic recycler in Ghana. Miniplast’s dedication to environmentally sustainable initiatives first started with introducing a wide range of products created with 100% recycled materials to reduce the amount of plastic litter in communities, while also creating economic opportunities in lower income neighbourhoods.”
Francis Asante, CEO of Stella Futura Ghana Limited, said the contract demonstrates Stella’s leadership in structuring solar solutions to ease the burden of solar energy uptake by the private sector. He encouraged industry to take similar bold steps to incorporate solar technology into their energy consumption mix to reduce their reliance on the national grid, reduce energy costs, and contribute to a cleaner environment.
Terje Osmundsen, CEO of Empower New Energy, said the project is the result of a fruitful partnership between Miniplast as a forward-looking energy user, Stella as an innovative technology solution provider, and EmNEW’s unique impact investment platform: “By reducing the time and resources required to finance projects of this size, this project shows how our investment fund enables a faster uptake of local clean energy production in Sub-Saharan Africa".
###
About STELLA Ltd: STELLA is a solar energy company providing grid-tied and off-grid energy solutions. The company combines its unique knowledge of energy with smart technology, including state-of-the-art energy storage, to provide energy solutions to commercial and industrial clients. It also invests in social impact projects, including solar solutions for hospitals and schools in urban and rural areas of Ghana. Headquartered in Sweden, Stella has an operational focus in sub-Sahara Africa with a local presence in Ghana as its regional hub.
About Empower New Energy (EmNEW): Empower New Energy is an award-winning impact fund manager of the impact investment fund Empower Invest, investing in small and medium-scale renewable energy projects. This is Europe’s firstrenewable equity impact investment platform with a focus on Africa. The fund’s investors are Norfund (Norway’s development fund for emerging markets), ElectriFI (The electrification financing initiative, funded by the EU) and a group of private impact investors. EmNEWs offices are in Oslo (Norway) and Nairobi (Kenya), with a representative office in Accra (Ghana).
About Miniplast Ltd: MINIPLAST LIMITED is an ISO 9001:2015 certified company and an industry leader for manufacturing industrial and household items. Everyone trusts in the sophisticated functionality, reliability, and interesting colour variety of their products. With over 30 years of experience, Miniplast Limited has repeatedly set the benchmark standards for the plastic industry. They are going to use their advanced technologies, skilled engineers, and dedicated employees, to now set high standards for the recycling of plastics.
