Stanbic Bank Ghana Becomes First Bank to Power Its Operations with Solar Energy

From (l-r), Mr Schwaninger, Mr Andani and Frank Adabre, CEO of NorthLite inaugurating the project

Accra, Ghana, July 15, 2018//-Stanbic Bank Ghana, a leading universal in Ghana has become the first financial institution in the West African country to power its operations with solar energy.

This follows the inauguration of three solar powered branches of the bank at a ceremony held in Accra over the weekend.

The solar power systems, according to the project implementers would provide  30% of electricity for the bank’s Dansoman, Tema and Kasoa branches, with a combined capacity of 40 kilowatt peak (kwp).

The inauguration  took place at the Stanbic Bank Ghana’s Dansoman branch in Accra, where a 20 kwp solar system has been installed, which is said to be the largest. While the remaining two 10 kwp  systems have been installed at the Tema and Kasoa branches in the Greater Accra and Central regions respectively.

The systems would provide the bank with clean energy during the day, saving 27 tonnes of carbon dioxide (CO2) emissions per year.

Bank makes energy savings

Speaking at the inauguration of the project, the Chief Executive Officer of Stanbic Bank Ghana, Alhassan Andani disclosed that the bank is currently saving about 38 percent in terms of cost of electricity as result of the usage of the solar energy.

Monetarily, he said the bank would also avoid costs to the tune of close to GHC2 million through the project.
“We are proud to be running our bank on solar energy and hope to lead the way for other businesses” to follow in the country.

The three solar powered branches provide the bank with clean energy, bringing the Stanbic Bank closer to a more sustainable future, Mr Andani stated.

He added: “Stanbic Bank Ghana is committed to conducting its business in a socially, environmentally and financially responsible manner: using renewable energy is a vital step in this”.

Project to be extended

After the successful implementation of the project, the bank would extend the project to all the remaining branches across the length and breadth of the country, Mr Andani revealed.

Additionally, companies which are close to the Stanbic Bank’s solar power systems can benefit from it.

Leading the way

Markus Schwaninger, Chief Financial Officer of ecoligo GmbH, a German company which is also the project implementer noted that renewable energy transition is still at an early stage in Ghana, especially in the commercial and industry sector: by choosing to use solar electricity, Stanbic Bank Ghana is leading the way for other businesses to do the same.

“Working with experienced partners ensures that our solar projects are implemented professionally and safely and are built to last. As one of the first of our projects in Ghana, we are very happy to see its successful commissioning”, he said.

Mr Schwaninger continued: “This creates a strong blueprint for future projects and we look forward to completing many more in Ghana this year”.

How the solar power systems operate

The three roof-mounted solar power systems installed at the three branches consist of solar panels which convert energy from the sun into electricity that is supplied to the bank’s electrical system.

The three banks, according to documents in the possession of African Eye Report, are still connected to the national grid, however the energy produced by the solar systems is solely for self-consumption and it is not fed back into the grid.

During the night or cloudy days, when not enough energy is produced by solar power, the three branches will use electricity from the grid.

“The electricity production from the PV systems and resulting CO2 savings will be demonstrated to the bank customers in each branch with an information display”, officials of ecoligo told journalists and other dignitaries who were conducted around the project.

How it is funded

ecoligo operates a leasing model in which the customer only pays a fixed monthly fee for the use of the solar system(s). The costumer receives hassle-free electricity and does not need to employ or train staff to the manage the system.

To this end, Stanbic Bank Ghana signed a leasing agreement with ecoligo in which they committed to leasing the solar systems for a fixed price. The bank did not need to pay an upfront cost for the systems.

After the period is over, Stanbic Bank will own the solar systems and will only need to pay for maintenance and operation of the systems.

Through the leasing agreement, Stanbic Bank can focus on its core banking business, while enjoying the benefits of  solar PV systems.

This project is operated and maintained by ecoligo’s partner Yingli Namene West Africa Ltd, a German company and constructed by NorthLite Solar Ltd, a Ghanaian company.

Additional Benefits of grid-connected photovoltaik (PV) system

It is cost efficient. No need for batteries. It also reduces carbon footprint as well as improving the environment.

Partners in the project

The Stanbic Bank solar project was implemented by ecoligo GmbH,  a German company in partnership with SMA Sunbelt Energy GmbH, Yingli Namene West Africa Ltd, a Ghanaian company and NorthLite Solar Ltd, a Ghanaian company.

It was also supported by the Renewable Energy Solutions Programme from dena, the German Energy Agency, and the German Federal Ministry for Economic Affair and Energy (BMWi) within the German Energy Solutions, among others.

By Masahudu Ankiilu Kunateh, African Eye Report

 Email: mk68008@gmail.com 

 

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