IREDA Approves $22.5 Million Loan for Solar Project in Zambia
The Indian Renewable Energy Development Agency (IREDA) has approved a $22.5 million loan for a 100-megawatt solar PV project in Zambia's Serenje district, marking its first financing deal in Africa. The funds will support Swarna Solar Limited as part of India's strategy to enhance its global clean-energy finance presence. This initiative aims to help Zambia diversify its energy sources beyond hydropower, which faces climate-related vulnerabilities.
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The Indian Renewable Energy Development Agency (IREDA) finalized its first financing deal in Africa on January 16, approving a $22.5 million loan for a 100-megawatt solar PV project in Zambia's Serenje district. The loan will be directed to Swarna Solar Limited, a renewable energy developer.
This financing reflects India's strategy to expand its presence in global clean-energy finance through IREDA's international division, IREDA Global Green Energy Finance IFSC Ltd (IGGEFIL). Zambia is seeking to diversify its energy sources, as it predominantly relies on hydropower, which has proven vulnerable to climate-related challenges. IREDA's initial deal may be a precursor to additional financing opportunities in Africa, though competition exists from established Chinese lenders and suppliers in the solar sector.
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