ZambiaAxian, Africa GreenCo Sign 240MW Solar Deal
Pan-African renewables developer Axian Energy has signed a power purchase agreement with energy aggregator and trader Africa GreenCo in Zambia, covering the 240MW Kudu solar PV plant. The project has been financially backed by Standard Bank and Stanbic Bank Zambia.
Global Newsflix 2 min read
Axian Energy has signed a power purchase agreement with Africa GreenCo in Zambia, covering the 240MW Kudu solar PV plant. The project has been financially backed by Standard Bank and Stanbic Bank Zambia.
The offtake agreement will enable the construction phase of the Kudu solar PV plant to move forward, with Axian Energy aiming to reach 2GW of installed renewable energy by 2030 across Africa.
Axian Energy entered the Zambian energy market last year with the acquisition of a 85.6% stake in the 54.3MWp Bangweulu Solar plant, which was the first utility-scale solar PV project to begin commercial operations in Zambia.
Ana Hajduka, founder and group CEO of Africa GreenCo, said the agreement demonstrates the growth of Africa's borderless power market.
Solar PV activity in Zambia has been increasing, with several projects starting commercial operation this year, including a 100MW solar plant from Indian energy company Nava and the 136MW Itimpi Phase II plant from Zambian power company Copperbelt Energy Corporation.
The Zambian government has also signed contracts with five contractor groups to develop 312MW of solar capacity through a 2MW constituency solar programme, surpassing the 139MW of solar PV installed in 2025.
The country's largest hybrid solar-plus-storage project to date, a 250MW solar PV project with a 150MW/600MWh battery energy storage system, is also underway, developed by IPP Globeleq.
Key facts
- Axian Energy has signed a 240MW solar PV power purchase agreement with Africa GreenCo in Zambia.
- The project has been financially backed by Standard Bank and Stanbic Bank Zambia.
- Axian Energy aims to reach 2GW of installed renewable energy by 2030 across Africa.
- Zambia has surpassed the 139MW of solar PV installed in 2025, with several projects starting commercial operation this year.
Three perspectives
Neutral
The agreement between Axian Energy and Africa GreenCo marks a significant development in Zambia's renewable energy sector. The project's progress will be worth watching, as it contributes to the country's growing solar PV capacity. The Zambian government's efforts to increase solar energy production are also noteworthy.
Positive
The deal between Axian Energy and Africa GreenCo is a positive step towards increasing renewable energy production in Zambia. The project's financial backing from Standard Bank and Stanbic Bank Zambia demonstrates the confidence of investors in the country's energy sector. Axian Energy's goal of reaching 2GW of installed renewable energy by 2030 is also ambitious and promising.
Negative
The development of large-scale solar projects in Zambia may face challenges, including the need for significant investment and infrastructure development. The country's energy sector may also face competition from other renewable energy sources, such as hydro or wind power. The environmental impact of large-scale solar projects is also a consideration that needs to be taken into account.
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