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Zambia: EIB to support solar power plant

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Friday, 22 June 2018

Zambia: EIB to support solar power plant

The European Investment Bank (EIB) has allocated a € 10 million loan in support of the 34 MW* Ngonye solar power plant in Zambia. The project is promoted by multinational energy company Enel and will also be supported by loans from the IFC (World Bank Group) and IFC-Canada Climate Change Program. The project will be built by Enel Group and Zambia’s Industrial Development Corporation (IDC). It will be located in the Lusaka South Multi-Facility Economic Zone. EIB Vice-President Andrew McDowell commented: “The ongoing initiative to standardise both tendering and financing processes is creating economies of scale for solar projects across the African continent, improving economic viability and resulting in the development of solar power in smaller markets and developing countries. After recent support for solar projects in Morocco and Kenya, the EIB is very proud to support Zambia in exploiting this abundantly available resource for the benefit of its citizens.”

Source: EIB