IFC partners on two 50 MW solar projects in Zambia

Share

The International Finance Corporation (IFC) – a member of the World Bank Group – has signed a memorandum of understanding (MoU) with Industrial Development Corporation (IDC) Zambia to construct two 50 MW solar PV plants in Zambia.

The MoU signals the two corporations’ intent to develop the African country’s first utility-scale solar parks under a program called Scaling Solar. IDC has been charged by Zambian president Edgar Chagwa Lungu to develop 600 MW of solar PV capacity in an attempt to help address the country’s ongoing power crisis.

Zambia is currently suffering from a national power generation deficit of around 560 MW, a situation that has been exacerbated by low rainfall in the past year that has reduced the country’s hydropower output.

President Lungu said: "The Zambian government is resolved to address the current hydropower shortages caused by low rainfall through active promotion and increased use of renewable energy technologies."

These first two projects are to be located on separate sites and developed by different private sector sponsors, but IFC’s Scaling Solar initiative is expected to seek to engage Zambian partners during the development process. The program is also seeking Zambian companies to act as partners in the ownership structure.

"IFC is developing this partnership with IDC Zambia to deliver affordable renewable energy that can mitigate the country’s ongoing energy crisis," said IFC director for eastern and southern Africa, Oumar Seydi. "The Scaling Solar program enables us to apply the full range of World Bank Group services to address Zambia’s challenges quickly and sustainably."

A formal advisory mandate will be negotiated over the next few weeks between the two corporations. Once finalized, project development will commence.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Share

Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.