March 8 (Renewables Now) - A power purchase agreement (PPA) was signed on Friday for the 100-MW solar project in Zambia led by French power producer Neoen SAS.
Financial close on the project is expected by the end of April, Zambia’s finance minister Felix Mutati has said at an official meeting with France’s development minister Jean-Marie Le Guen, LusakaTimes reports.
Neoen won the 25-year solar contract with a power offtake bid of USD 0.0602 (EUR 0.057) per kWh in a Scaling Solar tender in May 2016. The PPA has now been struck with ZESCO Ltd and the photovoltaic (PV) park in the Lusaka South Multi Economic Zone is seen to go live later in 2017.
The Industrial Development Corporation of Zambia Ltd (IDC) will have a 20% stake in the project's special purpose vehicle -- Bangweulu Power Company.