The president of Zambia, Edgar Lungu, announced the commissioning of a 54 MW solar farm. This will be the largest utility-scale solar project and the first PV farm in Zambia. Consequently, the estimation of the total costs of the Bangweulu project lays at $60 million.
The founders of the solar farm project
The developers of the project are Neoen and First Solar. Neoen is a French producer of renewable energy, mainly developing solar en wind projects with storage facilities. First Solar mainly develops large grid-connected PV power plants all over the world. These companies work together with International Finance Corporation (IFC) Scaling Utility-Scale Solar Program (Scaling Solar) of the World Bank Group and the Industrial Development Corporation.
More on subsidies for solar in Zambia here.
The investments
The previously mentioned program Scaling Solar gave Neoen a contract for 100 MW solar of the 500MW planned for the project. Furthermore, $39 million of the total of $60 million came from the International Finance Corporation, who combined their money with the Overseas Private Investment Corporation. Additionally, the electricity generated from the solar farm will be sold to ZESCO at the lowest tariff in Sub Saharan Africa.