Zambia’s Largest Grid-Connected Solar Project Reaches Financial Close

The government has finalised financing plans for the Chisamba Solar PV project following the signing of a $100 million loan by Kariba North Bank Extension Power Corporation and Stanbic Bank. The project is a key milestone for the country’s energy capabilities, becoming the largest grid-connected solar development Zambia’s history.

The project has secured $71.5 million from financial services firm Stanbic Bank Zambia, with financing anchored by a 13-year power purchase agreement with GreenCo Power Services. Thirty percent of the financing is based on equity floated by Government.

Speaking during the signing ceremony, Energy Acting Director Mafayo Ziba stated that GreenCo will supply the energy to copper mining company First Quantum Minerals (FQM), with a mix of renewable power to support critical industrial services.

Ziba added that the huge project, set for commissioning later this month, shows the government’s commitment to improving energy security by diversifying the energy sector. He noted that ZESCO will support the initiative by reallocating some of its existing supply to Zambian’s domestic needs, such as homes, small businesses, schools and clinics.

“Zesco is committed to supporting projects that deliver new capacity and stability to the national grid,” says Zesco MD Justin Loongo.

The project will input power into Zambia’s national transmission system, increasing the volume of energy available to meet the country’s needs domestic and commercial needs.