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class="jeg_ad jeg_article_top jnews_article_top_ads"><div class='ads-wrapper '></div></div><div class="entry-header"><h1 class="jeg_post_title">AfDB Approves $8mn Loan for Zambia Solar Project</h1><div class="jeg_meta_container"><div class="jeg_post_meta jeg_post_meta_2"><div class="meta_left"><div class="jeg_meta_author coauthor"> <img data-del="avatar" alt="Staff Reporter" src='https://kenyanwallstreet.com/wp-content/uploads/2024/10/kenyanwallstreet_cover-96x96.jpeg' class='avatar pp-user-avatar avatar-80 photo ' height='80' width='80'/><span class="meta_text ">by</span><a href="https://kenyanwallstreet.com/author/the-newsroom/">Staff Reporter</a></div><div class="jeg_meta_date"> <a href="https://kenyanwallstreet.com/afdb-approves-8mn-loan-for-zambia-solar-project/">October 31, 2024</a></div><div class="jeg_meta_category"> <span><span class="meta_text">in</span> <a href="https://kenyanwallstreet.com/category/african-wall-street/" rel="category tag">African Wall Street</a><span class="category-separator">, </span><a href="https://kenyanwallstreet.com/category/climate/" rel="category tag">Climate</a><span class="category-separator">, </span><a href="https://kenyanwallstreet.com/category/energy/" rel="category tag">Energy</a> </span></div><div class="jeg_meta_reading_time"> <span> Reading Time: 2 mins read </span></div></div><div class="meta_right"></div></div></div></div><div class="row"><div class="jeg_main_content col-md-8"><div class="jeg_inner_content"><div class="jeg_featured featured_image "><a href="https://kenyanwallstreet.com/wp-content/uploads/2024/10/Ilute-solar-plant-in-Zambia-RenewAfrica.Biz_-768x432-1.png"><div class="thumbnail-container" style="padding-bottom:50%"><img width="750" height="375" src="https://kenyanwallstreet.com/wp-content/uploads/2024/10/Ilute-solar-plant-in-Zambia-RenewAfrica.Biz_-768x432-1-750x375.png" class="attachment-jnews-750x375 size-jnews-750x375 wp-post-image" alt="" decoding="async" fetchpriority="high" 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https%3A%2F%2Fkenyanwallstreet.com%2F%3Fp%3D139885" title="Whatsapp" rel="nofollow noopener" target="_blank" style="font-size:32px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="heateor_sss_svg" style="background-color:#55eb4c;width:70px;height:35px;border-radius:10px;display:inline-block;opacity:1;float:left;font-size:32px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-6 -5 40 40"><path class="heateor_sss_svg_stroke heateor_sss_no_fill" stroke="#fff" stroke-width="2" fill="none" d="M 11.579798566743314 24.396926207859085 A 10 10 0 1 0 6.808479557110079 20.73576436351046"></path><path d="M 7 19 l -1 6 l 6 -1" class="heateor_sss_no_fill heateor_sss_svg_stroke" stroke="#fff" 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xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="0 0 32 32"><path fill="#fff" d="M25.515 6.896L6.027 14.41c-1.33.534-1.322 1.276-.243 1.606l5 1.56 1.72 5.66c.226.625.115.873.77.873.506 0 .73-.235 1.012-.51l2.43-2.363 5.056 3.734c.93.514 1.602.25 1.834-.863l3.32-15.638c.338-1.363-.52-1.98-1.41-1.577z"></path></svg></span></a></div><div class="heateorSssClear"></div></div><div class='heateorSssClear'></div><br/><p>The African Development Bank Group (AfDB) has approved an 聽$8 million concessional loan to support the construction of a聽25MW Ilute Solar Photovoltaic plant in Zambia.聽</p><ul><li>The project, in <a href="https://kenyanwallstreet.com/zambia-us-approves-458mn-grant-as-race-for-access-to-drc-heats-up/">Zambia</a>‘s Sesheke District, is lead by Serengeti Energy Ltd. and Western Solar Ltd.</li><li>GreenCo Power Services Ltd will purchase the generated electricity through a 25-year Power Purchase Agreement and sell it to the Southern African Power Pool Day-Ahead Market.</li><li>The <a href="https://www.afdb.org/en">financing </a>for the Ilute Plant will be sourced from the Sustainable Energy Fund for Africa (SEFA), a multi-donor Special Fund managed by the Bank</li></ul><p>“This loan addresses the financial challenges we鈥檝e faced due to the pandemic and rising costs. The Ilute project is a testament to innovative collaboration and serves as a pioneering model for future renewable energy initiatives in Zambia as well as the wider region,” Anton-Louis Olivier, CEO of Serengeti Energy, said.</p><div class="jeg_ad jeg_ad_article jnews_content_inline_ads "><div class='ads-wrapper align-center '><div class='ads_code'><SCRIPT language='JavaScript1.1' SRC="https://ad.doubleclick.net/ddm/trackimpj/N1741099.5084810ADVERTISINGOPS/B32246848.400359255;dc_trk_aid=592686366;dc_trk_cid=219727396;ord[timestamp];dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;gdpr=${GDPR};gdpr_consent=${GDPR_CONSENT_755};ltd=;dc_tdv=1?"attributionsrc ></script></div></div></div><p>Zambia is currently one of the countries at the epicentre of US-China competition for the region鈥檚 raw materials, which are crucial for battery technology. It is part of the Lobito Corridor, in which the US has already pledged $4mn after hosting the signing of the deal in聽<a href="https://kenyanwallstreet.com/us-leads-financing-for-angola-zambia-railway-as-fight-for-drcs-minerals-heats-up/">September</a>.</p><p>The deal will see the Africa Finance Corporation connect railway lines in Angola and Zambia, connecting to the Cape to Cairo Railway, and most importantly, connecting Tenke in the Democratic Republic of Congo (DRC) to the Atlantic Ocean.</p><figure class="wp-block-embed is-type-wp-embed is-provider-kenyan-wall-street-business-markets-amp-finance-insights wp-block-embed-kenyan-wall-street-business-markets-amp-finance-insights"><div class="wp-block-embed__wrapper"><blockquote class="wp-embedded-content" data-secret="8iwYFij9ff"><a href="https://kenyanwallstreet.com/zambia-us-approves-458mn-grant-as-race-for-access-to-drc-heats-up/">US Approves $458mn Grant to Zambia as Race for Raw Materials Heats Up</a></blockquote><iframe 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