Independent power producer Serengeti Energy has reached financial close on its 32 MWp Ilute Solar PV project in Zambia, unlocking $26 million in financing and clearing the way for construction to begin in January 2026.
China Power Engineering Consulting Company has been appointed as the engineering, procurement, and construction (EPC) contractor for the project. The Ilute Solar PV plant represents a key milestone for Serengeti Energy, marking its direct participation in the Southern African Power Pool (SAPP) and reinforcing the role of market-based power trading in the region.
Commenting on the achievement, Anton-Louis Olivier, CEO of Serengeti Energy, said the project demonstrates how competitive electricity markets can attract private investment while reducing reliance on government-backed guarantees. He noted that such structures strengthen energy security and support the long-term modernisation of Southern Africa’s power sector.
The financing package was secured from a consortium of development finance institutions and impact investors, including the Dutch Entrepreneurial Development Bank (FMO), the Sustainable Energy Fund for Africa (SEFA), Triodos Investment Management, and EDFI Management Company.
The Ilute Solar Project is expected to reach commercial operation by the end of 2026. Once online, it will supply electricity to the regional market through a power purchase agreement with GreenCo Power Services, delivering renewable power into the Southern African Power Pool.
By expanding clean energy capacity and supporting cross-border electricity trading, the project contributes to broader efforts to enhance grid resilience, diversify energy supply, and accelerate the transition toward more efficient and competitive electricity markets across Southern Africa.
