IFC, Zambia sign deal to develop solar power projects
LUSAKA-The International Finance Corporation (IFC) has signed an agreement with the Zambian government for the development of two solar independence power projects, a statement seen by Xinhua said.
The IFC, a member of the World Bank Group, has signed the agreement with the Industrial Development Corporation (IDC), a Zambian government agency responsible for development projects, for the development of two 50 megawatts solar PV power projects.
The projects would be Zambia's first utility scale PV projects, providing competitively priced, clean power that would reduce the country's dependence on hydro resources and diversify the country's energy supply mix, according to the statement released by the IFC.
According to the statement, the first two projects, with a combined initial target capacity of 100 megawatt will create the opportunity for subsequent expansion and the rapid scale-up in renewable energy generating in the southern African nation.