Africa GreenCo Group (GreenCo) through its newly incorporated Zambian subsidiary GreenCo Finance Solutions Limited (GreenCo FinanceCo) has signed a USD 55.5 million Facilities Agreement with Stanbic Bank Zambia and the Standard Bank of South Africa Limited (acting through its Corporate and Investment Banking division), to finance power imports and alleviate Zambia’s energy crisis.

GreenCo FinanceCo will use the facilities to prepay for over 130MW of electricity imports during the current energy crisis, alleviating the financial pressure on its clients to prepay for the power they need.  The requirement to prepay for electricity has been a significant financial constraint on offtakers in Zambia.  This strategic collaboration would not have been possible without the cooperation and support of Zambia’s national utility, ZESCO, and comes at a crucial time as Zambia faces a prolonged electricity crisis caused by the ongoing drought, which has significantly reduced hydropower generation.

For more information please see our Press Release.