AfricaBreaking NewsBusinessEnergy

Absa Bank Pledges $5 Billion for Renewable Energy Projects in Africa 

ABSA Bank, a leading financial institution in Africa, has committed to supporting the continent’s transition to clean energy. Mizinga Melu, ABSA’s Chief Executive Officer, announced during the 56th Executive Committee Meeting of the Southern African Power Pool (SAPP) that the bank has already arranged financing for renewable energy projects worth $5 billion across Africa. 

Ms. Melu emphasized ABSA’s dedication to the Environmental, Social, and Governance (ESG) framework. This commitment translates into actively arranging and financing green projects that contribute to sustainable development. 

ABSA Bank Zambia, in collaboration with the ABSA Group, played a key role in Zambia’s first-ever green bond issuance in 2024. This $200 million bond, issued by Copperbelt Energy Corporation (CEC), signifies a significant step towards diversifying Zambia’s energy sources and reducing carbon emissions.  The green bond initiative is also expected to create jobs within local communities. 

Ms. Melu reiterated ABSA’s ambition to be a positive force in Africa. The bank is eager to partner with various energy sector players to build a resilient and sustainable energy sector that fosters economic growth and environmental responsibility. ABSA has expressed a strong interest in collaborating on future renewable energy projects throughout Africa. 

The Southern African Power Pool (SAPP) is a regional power market organization comprised of 17 power utilities from 12 member countries within the Southern African Development Community (SADC). Zambia recently concluded its tenure as the outgoing Chair of SAPP. 

The ongoing Executive Committee meeting is co-hosted by ZESCO Limited, Lunsemfwa Hydro Power Company, Ndola Energy Limited, and the Copperbelt Energy Corporation Plc. Additionally, the Zambia National Commercial Bank, ABSA Bank Plc, GreenCo, NR Electric Co. Ltd, and Maamba Collieries Limited serve as meeting sponsors.

The biannual Executive Committee meeting brings together CEOs from SAPP member utilities to discuss strategic matters concerning the regional power market’s operations.

Leave a Reply

Your email address will not be published. Required fields are marked *