Africa GreenCo grabs international award in London for Zambia project

Africa GreenCo (GreenCo) said it has been awarded the Solar Deal of the Year for Africa at the IJGlobal Awards 2025 held in London on Thursday, recognising the 100-MW Chisamba Solar PV Project in Zambia. GreenCo said the project — described as the largest grid-connected solar development in Zambia and the biggest of its kind in sub-Saharan Africa outside South Africa — showcased an innovative financing model achieved without sovereign guarantees. “This prestigious award recognises the innovative financing structure… We are proud of what this partnership has achieved for Zambia’s energy security,” GreenCo Managing Director Wezi Gondwe said in the statement on Friday.

The project was developed by Kariba North Bank Extension Power Corporation (KNBEPC), a subsidiary of ZESCO, and reached financial close in May 2025 with US$71.5 million in commercial debt financing from Stanbic Bank Zambia. GreenCo said the debt was secured under a 13-year power purchase agreement. KNBEPC Chief Executive Officer, Boyd Kanchela, said the recognition demonstrated that Zambia’s public developers can attract commercial capital for clean-energy infrastructure, while ZESCO Managing Director, Justin Loongo, said the project added 100 MW of clean capacity “without placing any financial burden on the utility or the government.” Helen Lubamba, Executive Director for Corporate and Investment Banking at Stanbic, said the financing was the bank’s largest renewable-energy deal in Zambia to date.

GreenCo said the win adds to its recent IJGlobal recognitions, including two awards in 2024 and a Sponsor of the Year award in 2023. The IJGlobal Awards honour outstanding achievements in energy and infrastructure finance, judged by independent panels of industry experts. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.