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Zambia has officially signed a US$100 million agreement for one of the largest standalone solar energy projects in Sub-Saharan Africa, outside South Africa—marking a major step in the country’s energy transition.
The 100-megawatt (MW) Chisamba Solar Photovoltaic (PV) Project, led by the Kariba North Bank Extension Power Corporation (KNBEPC), is expected to launch by the end of this month.
Developed through a strategic partnership, the project involves GreenCo Power Services (GreenCo), Stanbic Bank Zambia, ZESCO, and First Quantum Minerals (FQM).
Read more: GreenCo secures $55.5 million to finance power imports, address Zambia’s energy crisis
Stanbic Bank Zambia is reportedly providing US$71.5 million in commercial debt financing for the project, anchored by a 13-year Power Purchase Agreement (PPA) between KNBEPC and GreenCo.
GreenCo will supply the generated power to FQM under a separate Power Supply Agreement (PSA).
GreenCo Managing Director, Wezi Gondwe, described the project as a demonstration of what is possible when sound commercial models meet committed partners.
“We are proud that GreenCo’s offtake structure enabled financial close on Zambia’s largest solar project. This is not private power bypassing the system—it is new power strengthening it,” Gondwe said during the signing ceremony in Lusaka yesterday.
Stanbic Bank Zambia, acting as Mandated Lead Arranger and sole lender, reportedly financed the project through its largest renewable energy loan in Zambia to date.
“This transaction exemplifies our dedication to backing sustainable infrastructure and climate-smart development,” said Helen Lubamba, Stanbic Bank Executive Director for Corporate and Investment Banking. “It further supports ZESCO’s diversification efforts in energy generation, and we are proud to contribute to Zambia’s energy resilience,” she added.
ZESCO Managing Director, Justin Longo, highlighted the role of the project in alleviating national energy challenges.
“The power that FQM will now receive from this solar plant will free up an equivalent amount of ZESCO’s existing supply, which we can redirect to domestic customers,” he said.
Longo said: “This project is a clear example of how innovative collaboration can relieve pressure on the grid and benefit Zambians.”
KNBEPC Chief Executive Officer, Boyd Kanchela, described the achievement as a proud milestone for both KNBEPC and the ZESCO Group.
“Reaching financial close on the largest solar project in Zambia’s history shows what strong public institutions can achieve when they mobilise commercial capital,” Kanchela said.
He said: “This project proves that Zambian developers can lead in delivering clean, reliable power at scale.”
The Chisamba Solar PV Project is expected to strengthen Zambia’s energy mix, support industrial and domestic power demands, and contribute to long-term climate and economic development goals.
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