with Theophilus Acheampong, Dennis Asare, Amprofi Agyemang, and Bridget Menyeh
Abstract: Access to finance remains a major constraint for many firms despite the potential of Sub-Saharan Africa’s clean energy sector to the drive the continent’s energy transition and access goals. This paper investigates the key factors influencing the bankability of clean energy projects in Ghana using Partial Least Squares Structural Equation Modelling (PLS-SEM). The study examines five latent variables: project readiness, financial structures, experienced project teams, risk mitigation, and alignment with Sustainable Development Goals (SDGS) and Environmental, Social, and Governance (ESG) criteria. A survey was administered to 80 respondents comprising clean energy companies, policymakers, and financiers. The PLS-SEM approach was used to identify significant relationships between these variables and the overall bankability of projects. Our findings show that bankability is multidimensional and determined by a combination of direct project enablers and indirect interdependencies. Projects are more likely to be bankable if they have clear regulatory approvals, defined objectives, and undertaken feasibility studies, along with thorough financial modelling. Experienced teams, strong stakeholder support, and robust risk mitigation strategies also enhance bankability. While SDG-ESG alignment is increasingly important, it plays a supporting rather than central role in securing clean energy project financing. The findings provide practical insights for policymakers, clean energy developers and financiers in Ghana and other emerging economies.