Zambia Secures European Financing For GET FiT 120MW Solar PV Programme

The Government of Zambia, in collaboration with the German Government through KfW, the German Development Bank, has achieved a significant milestone in the GET FiT Zambia 120MW Solar PV programme. The successful bidders have secured two leading European financing institutions, initiating a confidential due diligence process to finalize the debt structure and move towards signing project agreements and achieving financial close.

Hon. Makozo Chikote, Zambia’s Minister of Energy, highlighted the importance of this milestone, emphasizing the government’s commitment to advancing sustainable energy solutions and enhancing the country’s energy portfolio. He expressed gratitude to key stakeholders, including the Ministry of Finance and Planning, the Ministry of Justice, the Energy Regulation Board, and ZESCO Limited, for their support throughout the process.

The Minister also acknowledged the efforts of ZESCO’s Managing Director and team in addressing lender requirements, which were crucial for reaching this project milestone. The Government, through the Ministry of Energy, remains committed to expediting the lender process to enable timely financial closure and project implementation.

The German Ambassador to Zambia, Dr. Anne Wagner-Mitchell, praised the progress, noting that securing funding for these projects demonstrates the positive impact of debt restructuring on access to finance for private sector companies. She emphasized that the successful implementation of the GET FiT projects will enable ZESCO to purchase electricity at more competitive tariffs, thereby improving financial sustainability and operational capacity.

Dr. Wagner-Mitchell also highlighted that the GET FiT programme introduces transparent and fair procurement processes for renewable energies, setting a key example for the sector.

The project, backed by over 120 million Euros in support from the German Government, represents a significant step towards enhancing Zambia’s renewable energy infrastructure and addressing current energy challenges.