African Development Bank commits $14.5m to Zambian solar project
The AfDB has approved $14.54 million in financing for the Garneton North 20MW solar venture.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
The African Development Bank has approved $14.54 million in financing for the Garneton North 20MW solar project in Zambia’s Copperbelt Province.
The package includes $7.27 million from the African Development Bank’s own resources, matched by concessional financing from a development finance institution. The approval underscores the bank’s commitment to narrowing Zambia’s energy deficit and advancing its Mission 300 target of providing electricity access to 300 million Africans by 2030.
“The project marks a key milestone in Zambia’s efforts to restore confidence in its power sector, attract private sector investment, and drive progress toward closing the energy gap and achieving Mission 300 goals,” said Wale Shonibare, director of energy financial solutions, policy, and regulation at the African Development Bank.
Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe now