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Indo Zambia Bank (IZB) Limited has signed a K66.5 million green financing agreement with ZESCO Limited for the Chadiza Solar Project, a 2.5MW solar power plant with integrated battery storage.
The partnership, structured under the Bank of Zambia’s Stability and Resilience Facility (SRF), signals a joint commitment to advancing Zambia’s sustainable energy agenda.
IZB Managing Director, Brajesh Singh, said the project would make a tangible difference in Chadiza by improving access to affordable, reliable power while serving as a model for Zambia’s transition to green cities.
“Chadiza has long endured unstable supply due to unreliable generation. By bringing capacity closer to the people, this project will stabilise supply, reduce outages and transform lives,” he said during the signing ceremony in Lusaka on Wednesday at the IZB Head office.
Singh revealed that beyond this deal, IZB has committed over US$140 million in financing power projects totalling more than 800MW, set to come on stream from early 2026.
ZESCO Managing Director, Justine Loongo, said the utility was ready to swiftly move into implementation now that financing had been secured.
He stressed the significance of incorporating battery storage, which will allow excess solar power to be stored and supplied at night or during peak demand.
“This is a forward-looking solution that strengthens grid reliability while maximising renewable energy benefits. We commend Indo Zambia Bank for leading with this innovative green finance facility,” he said.
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