ADB to extend funds for 100 MW of renewables in Zambia
Solar power system in Zambia. Source: UNIDO. License: Creative Commons, Attribution-NoDerivs 2.0 Generic
July 16 (Renewables Now) - The African Development Bank (ADB) has approved USD 50 million (EUR 42.8m) in framework financing to back 100 MW of small-scale renewable energy projects, mostly solar, in Zambia.
The particular projects will be selected under the GETFiT Zambia programme for promoting renewables development, which complements the Renewable Energy Feed-in-Tariff (REFiT) scheme, ADB said last week. The programme, itself, will be co-financed by the Green Climate Fund (GCF) with USD 50 million in loans and a USD-2.5-million technical assistance grant, approved in February.
“With the support of the GCF, the Framework will foster country ownership through the active engagement of local investors, banks and entrepreneurs in the development of renewable energy projects in Zambia,” said Ousseynou Nakoulima, ADB’s director for renewable energy and energy efficiency, stressing on the need to cope with the renewable energy financing gap in Africa and promote universal energy access.
Zambia aims to add 200 MW of small-scale renewables in three years through its the GETFiT initiative. The scheme was launched in 2017 and is designed for small-scale projects of up to 20 MW.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.