ADB obtains $52.5 million for Zambia to build 100 MW primarily solar projects
Post date: 09/03/2018 - 21:13
The Board of the Green Climate Fund (GCF) has approved the first funding proposal of the African Development Bank (ADB) for Zambia’s Renewable Energy Financing Framework. The GCF will provide a $50 million loan and a $2.5 million grant. The framework aims to finance 100 MW of renewable energy projects under the Renewable Energy Feed-in-Tariff (REFiT) policy of Zambia, primarily solar projects. In 2017, the Government of the Republic of Zambia launched the REFiT policy to crowd-in private investments for small-scale renewable projects up to 20 MW. This is the first program that will be co-financed by the GCF and the African Development Bank following the signing of the Accreditation Master Agreement in November 2017 between the two institutions, making the Bank a credited implementer of GCF-approved projects.
As reported, in February the Zambian Government has officially launched the »GET FiT Zambia« program to facilitate increased private sector investment in the Zambian power sector. GET FiT Zambia has received a funding pledge of €31 million ($38 million) from the German government.