ENEL signs $40 million IDC deal in Zimbabwe
ENEL Green Power has signed a US$40 million financing agreement with the Industrial Development Corporation (IDC) for the development of the 34 megawatts Ngonye solar power plant in the Lusaka South Multi-Facility Economic Zone (LS MFEZ).Of the total amount, the large chunk of up to US$12 million will be financed by International Financing Corporation (IFC) Canada Climate Change Programme while the European Investment Bank will put in about US$11.75 million and US$10 million will be sourced from IFC.
The Ngonye Solar Plant will be owned by a special purpose vehicle in which Enel will hold 80 percent shareholding while IDC will have a 20 percent minority stake. Source : Zambia Daily Mail Limited