Africa GreenCo: Announcing the execution of an Implementation Agreement between the Government of the Republic of Zambia and GreenCo Power Services Limited

Lusaka, Republic of Zambia: Africa GreenCo Group, through its Zambian-based operating company GreenCo Power Services Limited (together, GreenCo), is delighted to announce the execution of an Implementation Agreement (IA) with the Government of the Republic of Zambia. The IA was executed on behalf of the Government of Zambia by the Ministry of Energy’s Permanent Secretary Eng. Himba Cheelo, with support from the Ministry of Finance and the Ministry of Justice. The execution of the IA signifies the Government of Zambia’s support for developing the energy sector, mitigating climate change and opening the electricity market.

As the first renewable energy buyer and trader to join the Southern African Power Pool (SAPP),
GreenCo is mobilising significant private sector investment for renewable energy, strengthening
national and SAPP electricity markets, and facilitating a shift away from the current single buyer model.
The region has great renewable energy potential and urgently needs more energy generation to support
economic recovery, and to provide clean and affordable energy to its citizens. GreenCo’s model offers
key innovations in the architecture of the electricity market and achieves better value – with more
electricity generation and improved security of supply – in partnership (rather than in competition) with
established industry players.

The implementation of this IA further firms up the path for the full implementation of the 25MW Ilute
solar PV power plant, being developed by Western Solar Power Limited and Serengeti Energy Limited.
The power plant is set to be the pilot greenfield project in GreenCo’s offtake portfolio and symbolises
the Government of the Republic of Zambia’s commitment to mitigating climate change, improving
security of supply, facilitating the opening of the electricity market and deployment of more renewable
energy generation. This is a timely commitment at the start of the current Africa Climate Summit and in
preparation for the forthcoming COP 28.

CEO of GreenCo, Ana Hajduka said, “The signing of this Implementation Agreement clearly demonstrates the ambition of the Government of Zambia, and its support not only for GreenCo but also for broader private sector engagement in the Zambian electricity market. GreenCo is exceedingly confident in the advancement of the Zambian energy sector, and we look forward to entering into our first project under the new model: Ilute Solar, a 25MW Solar PV in Western Province”.