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EIB to support solar project in Zambia worth $11.75 million

Staff Writer |
The EIB has signed a loan agreement of up to $11.75 million in support of the Ngonye photovoltaic solar plant in Zambia.

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The project will be built by Enel Group and Zambia’s Industrial Development Corporation (IDC) and will be located in the Lusaka South Multi-Facility Economic Zone.

Apart from financing by Enel Group itself, the funding involves senior loans of up to $10 million from the International Financing Corporation (IFC), a member of the World Bank Group, and a concessional loan of up to $12 million from the IFC-Canada Climate Change Program.

The facility, which is expected to produce around 70 GWh per year, is set to help Zambia reduce shortages and diversify its energy generation mix.