Who, What & Where

  • Ecoligo

  • 40 kWp Solar Systems for Stanbic Bank

  • Accra and Tema (Ghana)

The Company

Ecoligo provides a fully financed solar-as-a-service solution for businesses in emerging markets. With a complete digital platform for financing and delivering solar projects, ecoligo removes the barriers that prevent such projects from being realised. Supplying businesses with affordable electricity enables them to grow and boost the local economy. The solar projects are financed through the crowd investing platform www.ecoligo.investments, offering fixed and attractive returns to private investors. Investments start from EUR 500 and save tonnes of CO2 emissions, enabling impactful citizen participation in the global energy transition.

The Challenge

Commercial and industrial (C&I) companies in emerging markets like Ghana and Kenya have high electricity costs. Using solar energy would cut their energy costs and increase energy security, however solar systems require a large investment and suitable financing options are not available. Additionally, companies do not want to manage the installation and maintenance of a solar system.

Renewable Solution

Solar power systems were installed on the roofs of Stanbic Bank’s Tema, Kasoa and Dansoman branches. The systems at Tema and Kasoa have a capacity of 10 kWp, and the system at Dansoman has a capacity of 20 kWp. These systems provide 30% of the energy needed for each branch. At night or on cloudy days, electricity is procured from the national grid. Ecoligo financed the solar system and worked with local partners to install the systems at the bank branches. As part of the project, ecoligo gave three trainings to the local partners and customers on the topics including: operation and maintenance of the solar systems, solar energy for commercial customers and the business model of a solar-as-a-service solution.

Project Financing and Costs

The solar project was financed through the crowdinvesting platform www.ecoligo.investments, raising EUR 50,000 to finance three solar power systems for Stanbic Bank in Ghana. The campaign was backed by 42 private investors. Investors will receive 5.75% interest on their investments over the loan period of 12 years. The project is implemented by ecoligo in Ghana and is part of the dena Renewable Energy Solutions Programme. Stanbic Bank leases the solar system from ecoligo, making regular, fixed payments over a period.

Project Outcome

The solar systems provide each branch with electricity from a zerocarbon source, helping the bank to operate more sustainably. The bank is one of the largest in Ghana and employs over 1,600 people at 39 branches. The current project represents the first phase of a larger initiative on green technology, in which ecoligo and Stanbic Bank work together to provide solar systems for other branches and offices of Stanbic.