Technical Assistance for the Implementation of the SUNREF Ghana Credit Line

EXPERTISE : , Financing Mechanisms and Fund Management /Implementation and management

Client :

Energy Commission – Ghana/Agence Française de Développement (AFD)

Date de mise en oeuvre :



project Description:

SUNREF (Sustainable Use of Natural Resources and Energy Finance) is a green finance product developed by the Agence Française de Développement (AFD) and whose objective is to mobilize the financial sector of partner countries toward renewable energy (RE) and energy efficiency (EE) investments and other investments to increase overall environmental performance.

In cooperation with the European Union, AFD is providing a SUNREF credit line combined with a grant to local partner banks in Ghana. The total funds of the SUNREF Ghana program amount to EUR 30 million.

A SUNREF Ghana project implementation unit (PIU) has been established at the Ghana Energy Commission. Econoler was contracted to serve as technical assistance provider to support the PIU in the overall management and supervision of the SUNREF Ghana program.

Description of services:

Econoler is carrying out the following tasks under this mandate:

  • Support local banks in developing SUNREF lending products for small and medium enterprises as well as corporate and retail clients;
  • Develop and implement the SUNREF Ghana communication and marketing strategy and support local partner banks in integrating it into their general marketing strategies;
  • Support banks in identifying and communicating with potentially eligible borrowers;
  • Organize awareness-raising events and marketing campaigns throughout Ghana to promote the SUNREF program among the general population and local businesses (including organizing the official SUNREF Ghana launching event);
  • Deliver EE/RE finance training workshops to local partner banks to develop financial expertise among their credit officers, financial analysts, and risk managers;
  • Support potentially eligible borrowers in identifying viable EE/RE measures and design technically and financially viable project proposals;
  • Develop an operation manual for the implementation of SUNREF Ghana, including project application templates, data-collection forms, technical project approval and completion report templates, a list of eligible measures and equipment (LEME), etc.;
  • Support local partner banks in designing and adopting sustainable environmental and social policies and establishing dedicated units or teams to environmentally and socially screen subprojects submitted by borrowers to ensure that projects are eligible for the credit line facility;
  • Develop a methodology for conducting technical assessments on more complex EE/RE projects under the SUNREF Ghana credit line;
  • Develop monitoring and verification plans and reports for SUNREF Ghana financed projects;
  • Provide support to the verification agent, AFD, and partner banks for the disbursement of financial incentives to final beneficiaries;
  • Manage and supervise the disbursement of funds from a dedicated feasibility study fund, structured for SUNREF Ghana to support project development;
  • Develop, maintain, and frequently update the SUNREF Ghana website.

Overall, Econoler is facilitating the successful promotion and disbursement of the SUNREF Ghana credit line by supporting local partner banks. Ghanaian bankers will be trained to identify and assess potentially feasible sustainable energy investment projects. Moreover, Econoler experts have developed a viable communications and marketing strategy to not only popularize the SUNREF program, but also disseminate the overall merits of EE/RE investments.

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