Africa GreenCo (GreenCo), a Zambian company, has received $15.5 million in fundig from InfraCo Africa, the Danish Investment Fund for Developing Countries (IFU), and the EU-funded Electrification Financing Initiative (EDFI ElectriFi).
GreenCo Power Services, situated in Lusaka, was founded in 2020 with backing from IFU and InfraCo Africa (through its sister company, PIDG Technical Assistance).
“We are extremely 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 such as GreenCo,” said GreenCo’s Chief Investment Officer, Pug Bennet. “We look forward to working alongside the industry leaders as the market grows from strength to strength.” We are now in a position to attract substantial private sector investment in renewable energy while also improving the national and SAPP power markets.”
GreenCo’s business plan entails buying electricity from renewable independent power producers (IPPs) and selling it to utilities, private sector off-takers (i.e. commercial and industrial users), 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.