The African Development Bank (AfDB) has approved a US $14.54M financing package to support the development of the 20-MW Garneton North solar power plant in Zambia’s Copperbelt Province, offering a much-needed boost to the country’s power supply.
The funding consists of US $7.27M from the Bank’s own resources, matched by an equal amount in concessional financing from a partner development institution. The investment will go toward the US $24.5M solar project, which will be built, operated and maintained by the developer and linked to the national grid through a 10-km transmission line. All electricity generated will be supplied to the Zambia Electricity Supply Corporation Limited under a 25-year take-or-pay power purchase agreement.
READ: KenGen, Kaishan launch construction of geothermal-powered green fertilizer plant
Mission and Goal
AfDB Director for Energy Financial Solutions, Policy and Regulation, Wale Shonibare, said the approval reflects growing confidence in Zambia’s power sector reforms and aligns with the Bank’s Mission 300 goal, which seeks to extend electricity access to 300 million Africans by 2030.
Garneton North is part of the six-project portfolio selected under Zambia’s Global Energy Transfer Feed-in Tariffs (GETFiT) programme in 2019, aimed at delivering 120 MW of new renewable energy capacity. According to Jing Li, Division Manager for Energy Financial Solutions at the AfDB, the initiative underscores Zambia’s determination to increase clean energy generation and reduce overreliance on hydropower.