Zambia, GreenCo, Stanbic Launch Solar Deal

Key Figures & Findings: Kariba North Bank Extension Power Corporation (KNBEPC), a ZESCO subsidiary, has secured financial close for a 100-MW solar PV project in Chisamba. The $71.5 million debt package was arranged by Stanbic Bank Zambia, part of Standard Bank Group, The project is backed by a 13-year PPA with GreenCo Power Services, which will supply the energy to mining giant First Quantum Minerals (FQM), Zambia’s top mining investor. ZESCO will retain its transmission and system operation role while gaining added grid capacity for domestic supply. Construction, led by EPC contractor Power China, began construction ahead of financial close, with commercial operations targeted for June 2025. The deal is the second major partnership between ZESCO, GreenCo, Stanbic, and FQM in six months.

Future Implications: If completed as planned by June 2025, the Chisamba project could become a model for private-sector-led, risk-averse infrastructure financing in Zambia. The structure may serve as a blueprint for future utility-scale renewables in Sub-Saharan Africa.

Source: Energy Capital & Power