Zambian Africa GreenCo secures $15.5 million to expand its business operations
Africa GreenCo (GreenCo), a Zambian firm, has received $15.5 million in funding from InfraCo Africa, the Danish Investment Fund for Developing Countries (IFU), and the European Union’s Electrification Financing Initiative (EDFI ElectriFi).
GreenCo Power Services, based in Lusaka, was established in 2020 with IFU and InfraCo Africa’s support (through its sister company, PIDG Technical Assistance).
GreenCo’s Chief Investment Officer, Pug Bennet, said, “We are tremendously grateful to our investors and partners from the Government of Zambia, ZESCO, the SAPP team, and the existing SAPP members for their trust and support of innovative new business models like GreenCo.” “As the market continues to grow, we look forward to working alongside the industry leaders.” We can now attract significant private sector investment in renewable energy while simultaneously boosting the national and SAPP electricity markets.”
GreenCo’s business plan involves purchasing electricity from renewable independent power producers (IPPs) and selling it to utilities, private sector off-takers (such as commercial and industrial consumers), and competitive markets in the Southern African Power Pool (SAPP).
GreenCo will be able to support a portfolio of up to 110MW of renewable energy with the new funding, which will include working capital and a Liquidity Buffer.
