- Enel has started construction of its first PV plant in Zambia
- The Ngonye Solar PV plant has a capacity of 34 MW
- Project construction is expected to cost $40 million and is estimated to enter operations in the first quarter of 2019
- Enel will be the majority shareholder owning 80% stake through special purpose vehicle, IDC will hold remaining 20%
- The Italian energy company won this project under the Scaling Solar program of the World Bank
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Italy’s Enel Green Power (EGP) has started constructing the 34 MW Ngonye Solar PV plant, that marks its entry into Zambia. Project completion is expected in Q1/2019.
EGP will hold 80% in the project through its special purpose vehicle, with the remaining 20% owned by Industrial Development Corporation (IDC) of Zambia. Zambian utility ZESCO will purchase the solar power generated under a 25-year PPA (see Enel Full Steam In Solar). On completion, it is expected to generate around 70 GWh annually.
Enel estimates an investment of around $40 million in construction of this plant. It has a financing agreement with IDC for $34 million, including senior loans of up to $10 million from the IFC, $12 million from the IFC-Canada Climate Change Program, and up to $11.75 million from the European Investment Bank (EIB).
The Italian company won this project under the Scaling Solar program of the World Bank.