Sanlam joins GreenCo’s $700m solar initiative to expand Zambia’s clean energy capacity

Sanlam Zambia has announced its participation in GreenCo Power Services’ $700 million solar program, aimed at expanding clean energy capacity and strengthening the country’s power sector.

The partnership was confirmed at the launch event, where both organizations said the collaboration would help mobilize long-term institutional capital for renewable energy projects.

According to a statement issued in Lusaka on Friday, Sanlam and GreenCo said the investment aligned with its strategy to support sustainable infrastructure while delivering returns for pensioners and other clients.

Officials of the two firms noted that the initiative was designed to address Zambia’s energy deficit and reduce reliance on weather-dependent hydropower.

“Gets of honour ladies and gentlemen when capital frameworks, current legislation are coherent and mutually reinforcing. They create an environment where banks can allocate credit efficiency, households can save confidently, employees can look forward to that pension without worrying about uh stationary pressure and businesses can invest with a clearer view of cost and return,” they said.

Pug Bennet, Co-founder and Group Chief Financial Officer for GreenCo, said the partnership demonstrated growing investor confidence in Zambia’s energy sector reforms and regulatory environment.

Sanlam added that capital adequacy and sound financial frameworks were essential for institutions to absorb risk while continuing to fund economic activity.

“Capital adequate matters as it is uh twenty-four buffer that allows banks to absorption risk related stocks while continuing to operate, meet daily obligation and support economic activity,” he said.

Both parties stated that the deal reflected a shared responsibility among financiers, regulators, and policymakers to ensure the financial system supported inclusive investment and long-term development.

The program will focus on developing multiple solar projects across Zambia, with a target capacity expected to contribute significantly to the national grid.

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