GLOBELEQ REACHES FINANCIAL CLOSE ON 40MWac KAFUE SOLAR IN ZAMBIA

LONDON, Oct. 1, 2026 /PRNewswire/ -- Globeleq, one of Africa's leading independent power producers, has reached financial close on the Kafue Solar Project, a 40 MWac (56 MWp) solar photovoltaic power plant near Kafue Town, Lusaka Province, Zambia.

The project was awarded through the GET FiT Zambia Programme and will sell its power to ZESCO under a 25-year power purchase agreement. The GET FiT initiative, led by Zambia's Ministry of Energy in collaboration with the German Development Bank (KfW), aims to catalyse private sector investment in small and medium-scale renewable energy projects.

Globeleq is the sole owner of the project and will manage construction, asset management, and operations & maintenance. Long-term project finance was provided by FMO, the Dutch entrepreneurial development bank, and British International Investment (BII), which together committed USD 52.1 million, including USD 24.5 million from BII and USD 27.6 million from FMO, with Standard Bank South Africa acting as security trustee. The project also benefits from a grant facility from the Norwegian Agency for Development Cooperation to fund a portion of the grid connection works and certain upgrade works at ZESCO's Kafue Town substation. Solarcentury Africa was appointed by Globeleq as technical development partner and provided technical expertise in support of the project's development led by Globeleq. It has subsequently been appointed as EPC contractor in consortium with Alensy Energy Solutions Zambia.

Once in operation, Kafue Solar is expected to provide clean energy to 38,000 households, avoiding approximately 48,000 tonnes of CO₂ per year. The project will create around 200 employment opportunities for local Zambians during peak construction and, once operational, will provide a range of long-term job opportunities.

Jonathan Hoffman, CEO of Globeleq, said:
"The Kafue Solar project highlights how partnership between the private sector and public partners like ZESCO can help deliver Zambia's economic and energy ambitions. By strengthening the grid in a key industrial region, it will support growth, enable more reliable power for businesses and communities, and contribute to a more sustainable, lower-carbon energy system. As Globeleq's first greenfield project in Zambia, we look forward to delivering it alongside our partners."

Rebecca Terzeon, British High Commissioner to Zambia, added:
"The UK is pleased to support Zambia's efforts to expand clean and reliable power through partnerships that mobilise private investment. Programmes such as GET FiT bring together governments, developers, and financiers to enable projects like Kafue Solar, which deliver tangible benefits for communities and industry. The collaboration between Globeleq and Solarcentury Africa is a strong example of how international partnerships can support Zambia's renewable energy ambitions."

Robert Voskuilen, Manager Energy Eastern & Southern Africa at FMO, commented:
"FMO is committed to supporting renewable energy projects that drive sustainable development and improve access to clean and affordable power. The Kafue Solar project in Zambia aligns perfectly with our mission to empower communities and foster economic growth."

Chris Chijiutomi, Managing Director and Head of Africa at BII added:
"This investment demonstrates BII's commitment to accelerating the energy transition in Africa. We are proud to back Globeleq in delivering a project that will provide affordable, reliable, and clean energy to Zambia, supporting jobs and long-term economic resilience. We acknowledge the catalysing role of the KfW GET FiT Programme in Zambia in enabling the project."

About Globeleq
Globeleq is a leading developer, owner, and operator of electricity generation in Africa, delivering tailored energy solutions and supporting the region's energy transition. Since 2002, Globeleq has built a diverse portfolio of independent power plants, currently generating 1,660 MW across 17 power plants in seven countries, with 665 MW under construction and more than 2,000 MW in development. Globeleq is owned by British International Investment and Norfund, the UK and Norwegian development finance institutions. For more details: www.globeleq.com

About FMO
FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 55+ year proven track-record in empowering entrepreneurs to make local economies more inclusive, productive, resilient and sustainable. FMO focuses on three sectors that have high development impact: Agribusiness, Food & Forestry; Energy; and Financial Institutions. With a total committed portfolio of EUR ~15 billion spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally. For more details: www.fmo.nl

About British International Investment
British International Investment is the UK's development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people's lives and help protect the planet. BII's work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good. Between 2026-2031, at least 40 per cent of BII's total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge, which raised over USD 33 billion between 2018-2023 to empower women's economic development. The company has investments in nearly 1,700 businesses and total net assets of GBP 9.88 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn, Bluesky and X.