Enel and IDC sign 34 million US dollar financing agreement with IFC and EIB for solar project in Zambia

The Enel Group and Zambia’s Industrial Development Corporation (IDC) signed in Lusaka a financing agreement of around 34 million US dollars for the construction of the 34 MW Ngonye solar plant in the country. The financing involves senior loans of up to 10 million US dollars from the International Financing Corporation (IFC), a member of the World Bank Group, up to 12 million from the IFC-Canada Climate Change Program and up to 11.75 million from the European Investment Bank (EIB).

“The signing of this financing agreement marks an important step toward the start of an operational presence of Enel in Zambia, helping us establish a stronger foothold in the country,” said Antonio Cammisecra, Head of Enel’s Global Renewable Energies division Enel Green Power. “We will be contributing to Zambia’s sustainable development through our renewable energy, leveraging on the country’s abundance of resources and cooperation with reputed international and local partners within the framework of the Scaling Solar programme.”

“I am happy to see yet another company invest in the Scaling Solar project in Zambia, as we continue to advance new, clean and affordable energy sources,” said Mateyo C. Kaluba, CEO of Zambia Industrial Development Corporation.  “The IDC will continue to position itself as a good local partner to investors with a long-term appetite for investments in Zambia.”