The African Development Bank (AfDB) has approved a financing package worth $14.54 million to support the development of the Garneton North 20MW solar power project in Zambia’s Copperbelt Province. This strategic investment is aimed at strengthening Zambia’s renewable energy capacity and advancing the AfDB’s broader electrification goals across the continent.
The funding package includes $7.27 million from the AfDB’s own resources, complemented by an equal amount in concessional financing from a partnering development finance institution. This blended finance approach is designed to de-risk the project and attract further private sector participation.
The Garneton North solar initiative is part of Zambia’s ongoing efforts to diversify its energy mix, reduce dependence on hydropower, and address persistent electricity shortages that have impacted households and industries alike. The project is expected to contribute significantly to the country’s energy security and sustainability targets.
Wale Shonibare, Director of Energy Financial Solutions, Policy, and Regulation at the AfDB, emphasized the importance of the project:
The Garneton North solar project marks a key milestone in Zambia’s efforts to restore confidence in its power sector, attract private sector investment, and drive progress toward closing the energy gap. It also aligns with our Mission 300 initiative, which aims to provide electricity access to 300 million Africans by 2030.
The project is expected to deliver multiple benefits, including:
- Increased grid stability and reduced load shedding in the Copperbelt region.
- Job creation during construction and operation phases.
- Lower carbon emissions through clean energy generation.
- Enhanced investor confidence in Zambia’s renewable energy sector.
AfDB’s support for Garneton North reflects its commitment to accelerating the energy transition in Africa through strategic investments in solar, wind, and other clean technologies. The bank continues to play a leading role in mobilizing capital and technical expertise to help African nations meet their energy access and climate resilience goals.
