Zambia’s 100MW Chisamba Solar Project Wins Africa Solar Deal of the Year
Africa GreenCo (GreenCo), a leading renewable energy trader and aggregator in Southern Africa, has been named the winner of the Solar Deal of the Year for Africa at the prestigious IJGlobal Awards 2025.
The accolade recognises the 100MW Chisamba Solar PV Project in Zambia – the largest grid-connected solar development in the country’s history – for its innovative financing and offtake structure.
The project, developed by Kariba North Bank Extension Power Corporation (KNBEPC), a wholly owned subsidiary of Zambia’s national electricity utility, ZESCO, reached financial close in May 2025, securing $71.5 million in commercial debt from Stanbic Bank Zambia, backed by a 13-year Power Purchase Agreement with GreenCo.
“This prestigious award highlights the innovative financing structure and the collaborative efforts of all stakeholders to close this transaction in record time. By unlocking commercial financing at scale without sovereign guarantees, we have demonstrated a sustainable model to meet the power demands of Zambia’s mining sector and the wider regional economy,” said Wezi Gondwe, Managing Director, Zambia GreenCo.
The project supplies firm, blended 24/7 renewable power under GreenCo’s Power Supply Agreement with First Quantum Minerals (FQM), Zambia’s largest mining investor. By integrating solar generation from the Chisamba plant with other sources from the Southern African Power Pool (SAPP), the energy contracted to FQM frees up an equivalent volume of ZESCO power for domestic households and businesses, helping to relieve Zambia’s electricity supply challenges.
The project’s rapid execution was made possible by the early mobilisation of POWERCHINA, the EPC contractor, who commenced construction ahead of financial close. Notably, the project was delivered without any sovereign guarantees or government financial support, demonstrating that fully commercial clean energy infrastructure can be developed without placing a financial burden on the national utility.
“ZESCO is proud to see the Chisamba Solar PV Project recognised internationally. It has added 100MW of clean generating capacity to Zambia’s national grid, supporting energy security while relieving pressure on domestic supply,” said Eng. Justin Loongo, Managing Director, ZESCO.
Helen Lubamba, Executive Director of Corporate and Investment Banking at Stanbic Bank Zambia, added: “This transaction represents our largest renewable energy project financing in Zambia and underscores the critical role commercial banks can play in supporting transformational clean energy infrastructure.”
The IJGlobal Awards celebrate outstanding achievements in energy and infrastructure finance, judged by independent industry experts. The award adds to GreenCo’s growing list of international recognition, following its previous wins, including the Market Impact Award and Energy Transition Deal of the Year for Africa in 2024, and Sponsor of the Year for Africa in 2023.
