IFC signs $34m financing agreement for Zambia solar project
The International Finance Corporation (IFC) has signed a $34-million financing agreement with Enel, the Industrial Development Corporation of Zambia and the European Investment Bank for the construction of the 34 MW Ngonye solar plant, in Zambia.
The agreement forms part of the IFC/World Bank Scaling Solar initiative and was announced at the Africa Energy Forum 2018, which is being held in Mauritius this week.
“The signing of this financing agreement marks an important step toward the start of an operational presence [for] Enel in Zambia, helping us establish a stronger foothold in the country.
“We will be contributing to Zambia’s sustainable development through our renewable energy, leveraging on the country’s abundance of resources and cooperation with reputed international and local partners within the framework of the Scaling Solar programme,” said Enel Global Renewable Energies division Enel Green Power head Antonio Cammisecra.
Ngonye, Enel’s first power plant in Zambia, is located in the Lusaka South Multi-Facility Economic Zone.
Enel will invest about $40-million in the construction of the facility, which is expected to produce around 70 GWh/y of electricity, helping Zambia to reduce shortages and diversify its energy generation mix.
The Ngonye solar plant will be owned by a special purpose vehicle in which Enel Green Power will hold 80% and the Industrial Development Corporation of Zambia will have a 20% stake.
The parties have signed a 25-year power purchase agreement with Zambia’s State-owned utility Zesco.
Scaling Solar is a World Bank Group initiative that offers competitive bidding and simplified procurement for grid-tied photovoltaic power, even in small markets. The programme supports the development of more than 1 GW of solar power across Africa.
“Scaling Solar has set a new standard for the development of solar power in Africa,” said IFC CEO Philippe Le Houérou.
Comments
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation