Africa GreenCo Group Wins Global Recognition for approach in Tackling Zambia’s Energy Crisis

Africa GreenCo Group has received the Market Impact Award recognition for its groundbreaking approach to addressing Zambia’s energy crisis.

During the IJ Global Awards ceremony in London, GreenCo also received the Energy Transition Deal of the Year for Africa award jointly given with GuarantCo, for providing a Guarantee Facility to Africa GreenCo.

Through a 55.5 million US dollars recourse financing arrangement with Stanbic Bank Zambia and Standard Bank of South Africa, GreenCo enabled the prepayment of power imports into Zambia, mitigating the impact of severe drought-related electricity shortages.

The arrangement by GreenCo ensured a stable energy supply for its key industrial customers that include First Quantum Minerals, Coca Cola Beverages Zambia, Zambian Breweries LimeCo, High Power Cables and Northwestern Energy Corporation.

Speaking during the awards ZAMBIA’S High Commissioner to the United Kingdom MACENJE MAZOKA said the prestigious awards to Africa GreenCo Group are a clear testament to the thriving and innovative partnership between British and Zambian business communities.

She said that the recognition of GreenCo’s work in Zambia’s energy sector highlights the positive impact of bilateral relations.

And GreenCo Chief Commercial Officer CATHY OXBY said she was happy that GreenCO’s efforts to apply innovation and creativity to address the multifaceted challenges in the African energy sector have been recognised on a global stage.

And Zesco Director-Strategy and Business Development FITZPATRICK KAPEPE said the power utility recognises the synergies that arise through close collaboration with the private sector.

And Stanbic Zambia Head of Corporate and Investment Banking HELEN LUBAMBA said the US$55.5 million emergency power import facility with GreenCo made Zambia’s growth aspirations, including and productivity targets in the mining sector, are achievable.