Zambia: Financial close for first Scaling Solar project

The International Finance Corporation (IFC) announced on 20 December that the 47.5MW Bangweulu solar photovoltaic (PV) project has reached financial close. The project sponsors, France’s Neoen and the US’s First Solar, made waves last year when they bid a tariff of only 6.015c/kWh, fixed for 25 years, in the first round of procurement under the Scaling Solar initiative. Zambia’s Industrial Development Corporation (IDC) has taken a stake in project company Bangweulu Power Corporation Ltd, which has now given notice to proceed with construction of the facility.