Indo Zambia Bank Injects K66.5m into Chadiza Solar Project
Zambia’s efforts to diversify its energy mix have received a major boost after Indo Zambia Bank (IZB) committed K66.5 million to finance the Chadiza Solar Project, a development set to improve electricity supply in one of the country’s underserved regions.
Zambia, long dependent on hydroelectricity, has faced increasing power shortages as droughts affect water levels and generation capacity. With solar energy emerging as a critical solution, the new investment will allow ZESCO Limited, the national power utility, to push forward with its renewable energy agenda.
Speaking during the signing ceremony of the Facility Agreement at IZB’s head office in Lusaka, the Bank’s Managing Director, Brajesh Singh, described the investment as a deliberate step towards supporting Zambia’s energy resilience.
“This support through the Stability and Resilience Facility will make a tangible difference in Chadiza through ZESCO’s Greening City initiative,” Singh said. “By bringing generation capacity closer to the people, the project will stabilise supply, reduce outages and transform lives. It will power schools, health facilities, businesses and households, unlocking new opportunities for enterprise and education.”
The Chadiza Solar Project will contribute 2.5 megawatts to the national grid and will feature battery energy storage systems to ensure supply during peak demand and at night.
ZESCO’s Managing Director, Eng. Justin Loongo, said the project was a key milestone in the utility’s drive to strengthen grid reliability and reduce dependence on hydro power. “This project is a vital step in ZESCO’s strategy to diversify its energy mix. The inclusion of battery storage ensures we maximise the benefits of renewable energy and enhance stability for consumers,” he said.
Zambia has already made notable strides in expanding solar generation, with projects such as the 100MW Chisamba Solar Phase 1 and the 25MW Mailo plant already operational, while the 50MW Mansa Solar Project nears completion. The government aims to harness up to 1,000MW of solar capacity by the end of the year.
