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In addition to up to US$40 million from Enel, the 28MWac/34MWd PV plant in southern Zambia will be supported
by loans from the European Investment Bank (EIB) and the International Finance Corporation (IFC).
Zambia's photovoltaic power plant project received another US$34 million in loan support
The EIB is providing an $11.
75 million loan for the project, which will be built by Italian utilities in the Lusaka Southern Multi-Facility Economic Zone
.
"The ongoing initiative to standardize tendering and financing processes is creating economies of scale for solar projects across the continent, improving economic viability, and enabling solar power
generation in small markets and developing countries.
" Andrew McDowell, vice president of the European Investment Bank, said
.
Further IFC financing options include a senior loan of up to $10 million and up to $12 million for the IFC-Canada Climate Change Program, plus a $2.
5 million interest rate swap of IFC and a partial risk guarantee
of $2.
8 million from the World Bank's Agency for International Development.
The PV plant project, which is expected to produce about 70 GWh of electricity per year, is part of
the ScalingSolar initiative.
ScalingSolar is an initiative of the World Bank Group to provide competitive tenders and simplified procurement
for grid-connected PV generation.
The program is supporting the development of more than 1 GW of solar capacity
in Africa.
The Ngongye PV plant is the second Scaling Solar project under development in Zambia, which was approved
in June 2016.
The first project awarded under the plan is a 45-megawatt photovoltaic power plant, also located near Lusaka, where French company Neoen and American First Solar are about to start construction
.
Philippe LeHouérou, CEO of IFC, said: "The Scaling Solar program sets a new standard for solar development in Africa, starting with
these two projects in Zambia.
”
The two plants will enter into a 25-year PPA with
Zambia's national power ZESCO.
Electricity from the Ngonye project will be sold at $0.
0784/kWh, while electricity for the 45MW project will trade at just $0.
0602/kWh, a record low
for solar prices in Africa.
，
In addition to up to US$40 million from Enel, the 28MWac/34MWd PV plant in southern Zambia will be supported
by loans from the European Investment Bank (EIB) and the International Finance Corporation (IFC).
Zambia's photovoltaic power plant project received another US$34 million in loan support
Zambia's photovoltaic power plant project received another US$34 million in loan supportThe EIB is providing an $11.
75 million loan for the project, which will be built by Italian utilities in the Lusaka Southern Multi-Facility Economic Zone
.
"The ongoing initiative to standardize tendering and financing processes is creating economies of scale for solar projects across the continent, improving economic viability, and enabling solar power
generation in small markets and developing countries.
" Andrew McDowell, vice president of the European Investment Bank, said
.
Further IFC financing options include a senior loan of up to $10 million and up to $12 million for the IFC-Canada Climate Change Program, plus a $2.
5 million interest rate swap of IFC and a partial risk guarantee
of $2.
8 million from the World Bank's Agency for International Development.
The PV plant project, which is expected to produce about 70 GWh of electricity per year, is part of
the ScalingSolar initiative.
ScalingSolar is an initiative of the World Bank Group to provide competitive tenders and simplified procurement
for grid-connected PV generation.
The program is supporting the development of more than 1 GW of solar capacity
in Africa.
The Ngongye PV plant is the second Scaling Solar project under development in Zambia, which was approved
in June 2016.
The first project awarded under the plan is a 45-megawatt photovoltaic power plant, also located near Lusaka, where French company Neoen and American First Solar are about to start construction
.
Philippe LeHouérou, CEO of IFC, said: "The Scaling Solar program sets a new standard for solar development in Africa, starting with
these two projects in Zambia.
”
The two plants will enter into a 25-year PPA with
Zambia's national power ZESCO.
Electricity from the Ngonye project will be sold at $0.
0784/kWh, while electricity for the 45MW project will trade at just $0.
0602/kWh, a record low
for solar prices in Africa.
，
