Serengeti Energy has secured financial close on its 32 MWp Ilute solar power project in Zambia, with total project financing of USD 26 million secured.
The financial close enables the company and its partners to proceed with construction, which is scheduled to commence in January 2026 and is expected to take about 12 months. The financing package has been arranged by a consortium of lenders led by FMO, with participation from the Sustainable Energy Fund for Africa managed by the African Development Bank, Triodos Investment Management, and EDFI Management Company through the EU-funded Electrification Financing Initiative. The project is also supported by equity investments from Serengeti Energy and its Zambian minority shareholder and partner, Kwama Energy.