Miniplast signs 20-year solar power contract with STELLA, EmNEW
Miniplast Ghana Limited, a plastic manufacturing and recycling company, has signed a 20-year solar power contract with STELLA Futura Ghana and EmNEW to buy electricity from a 704 kWp grid-tied solar photovoltaic plant.
It would be installed on their factory roofs at the Spintex Industrial Area.
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).
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 tonnes 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, commenting on the contract said “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 he said would continue its investment in plastic recycling adding that “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 per cent recycled materials to reduce the amount of plastic litter in communities, while also creating economic opportunities in lower income neighbourhoods,” he said.
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,” he said.
BY TIMES REPORTER