Absa Injects Over US$5.6b into Sustainable Finance to Support Africa’s Renewable Energy Growth
Absa Bank Zambia has reaffirmed its commitment to financing renewable energy projects in Southern Africa, emphasising the importance of sustainable energy investments to strengthen regional electricity supply and drive economic growth.
The bank made the commitment during the 66th Management Committee meeting of the Southern African Power Pool (SAPP), recently held at the Mulungushi International Conference Centre.
Southern Africa has significant untapped energy resources with the potential to accelerate economic development across the region. However, financing renewable energy projects remains a major challenge, particularly as climate change continues to affect electricity generation.
In 2024, severe drought conditions across the region reduced power generation, especially in countries heavily dependent on hydropower, leading to reduced electricity supply and slower economic activity.
Speaking during the official opening of the SAPP meeting, Chief Financial Officer at Absa Bank Zambia, Venus Hampinga, said the bank remains committed to supporting renewable energy projects that promote sustainable economic growth and strengthen energy security in the region.
“Across the continent, the Absa Group is recognised as one of the leading financiers of renewable energy projects, particularly in Southern Africa,” Hampinga said.
“I am proud to say that we were part funders of the first public green bond in Zambia.”
She added that Absa had recently taken a leading role in a major renewable energy investment in South Africa involving a 475-megawatt solar power project.
According to Hampinga, the bank has injected more than US$5.6 billion into sustainable finance and refinancing transactions across the continent over the past five years.
In Zambia alone, the bank has financed more than US$211 million in energy sector projects, including the financing of a landmark 100-megawatt solar photovoltaic (PV) project commissioned in 2025, currently the largest single solar PV facility financed in the country.
“These milestones reflect our unwavering belief in Zambia’s potential to become a regional leader in sustainable energy development,” Hampinga said.
She noted that Absa remains committed to partnering with governments, energy utilities, regulators and private sector players to unlock opportunities that will strengthen energy access, reliability and affordability.
The Southern African Power Pool meeting brought together regional energy stakeholders to discuss strategies aimed at improving electricity generation, strengthening regional power trade and promoting sustainable energy development in Southern Africa.
