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Stanbic Bank Zambia has committed more than US$220 million to strategic energy projects across the country, aimed at tackling immediate power shortages while reinforcing long-term energy security.
Chief Executive Officer, Mwindwa Siakalima, announced the financing package on Wednesday during the official opening of the 2025 Energy Forum for Africa in Lusaka, officiated by President Hakainde Hichilema.
“Our purpose at Stanbic is to drive Zambia’s growth. Energy is a critical enabler of that growth, and we are proud to support investments that are helping the country meet both its short-term energy needs and long-term sustainability goals,” Siakalima said.
The bank had spearheaded three major financing agreements:
US$55 million with Africa GreenCo to import 130 megawatts of power;
Read more: Stanbic Bank lauds commissioning of Kansanshi Mine’s $1.25 billion expansion project
US$71.5 million for a 100-megawatt solar PV plant under ZESCO subsidiary Kariba North Bank Power Corporation; and
US$96.7 million raised through the second tranche of CEC Renewables’ green bond to expand the Itimpi Solar PV Plant.
“These are tangible steps that reflect our commitment not just to Zambia, but to Africa’s energy future,” Siakalima added.
He noted that Stanbic’s investments aligned with the Eighth National Development Plan, which positions energy as a key driver of mining, agriculture, and manufacturing.
He also commended President Hichilema for fostering dialogue with the financial sector, citing a pivotal meeting at State House in June 2024 that encouraged innovative energy financing solutions.
The 2025 Energy Forum for Africa, held under the theme “Investment Opportunities in the Energy Sector in Zambia and Africa”, has attracted government leaders, regional energy ministers, diplomats, and private sector stakeholders.
Mimshack Engineering Consultants Limited Managing Director, Hope Chanda, described the forum as a call to action to shape Africa’s energy future through innovation and practical solutions.
“Africa needs homegrown solutions to solve its own problems. The continent is open not just to business, but to innovation and inclusive energy guided by sustainability,” Chanda said, adding that Zambia has the potential to become a regional electricity hub.
She further highlighted that one tangible outcome of last year’s inaugural forum was the 100-megawatt Chisamba solar project, commissioned in June this year by President Hichilema.
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