Zambia Secures $71.5M for 100 MW Solar Project

Zambia’s state-owned Kariba North Bank Extension Power Corporation has reached financial close on a 100 MW solar PV project in Chisamba, Central Province.

Backed by $71.5 million in commercial debt from financial institution Stanbic Bank Zambia, the project is anchored by a 13-year Power Purchase Agreement with renewable energy trader GreenCo Power Services.

GreenCo will supply the generated power to First Quantum Minerals, Zambia’s largest mining investor, under a separate Power Supply Agreement.

Civil engineering company Power China serves as the engineering, procurement and construction contractor for the project, with commercial operation for the solar PV plant expected by June 2025.