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22/12/2025

GreenCo Secures Landmark €50m European Commission Guarantee and additional $6m investment from Impact Fund Denmark

Lusaka / Brussels | 22 December 2025

GreenCo, Impact Fund Denmark (IFDK) and the European Commission have closed a €50m guarantee under the European Fund for Sustainable Development Plus (EFSD+).

The guarantee is provided to GreenCo on a back-to-back basis via IFDK, who have also invested an additional $6m. This combined facility marks a watershed moment for the development of competitive electricity markets in sub-Saharan Africa.

The guarantee underpins GreenCo’s ability to meet long-term payment obligations to independent power producers (IPPs) across sub-Saharan Africa, including all countries of GreenCo’s current operations, namely Zambia, South Africa, Zimbabwe, Namibia and the DRC. In doing so, it directly addresses one of the most persistent constraints to power sector investment in Africa: the absence of creditworthy, long-term offtakers.

By strengthening GreenCo’s balance sheet and demonstrating investment-grade creditworthiness, the structure facilitates the flow of private capital into markets historically considered too risky despite strong fundamentals and urgent demand.

“This guarantee is not just about GreenCo - it is about proving that African power markets can work without sovereign guarantees, ”noted Cathy Oxby, GreenCo’s Chief Commercial Officer and Co-Founder.

“By using guarantees to unlock private investment rather than replace it, we can accelerate the energy transition while diversifying risk and leveraging flexibility to deliver innovative solutions to our clients.

”The guarantee operates as a revolving facility, available over a 23-year period. The capital IFDK has invested in GreenCo unlocks the EFSD+ guarantee and acts as first loss.IFDK plays a key role in administering the guarantee and ensuring compliance with development targets.

The full facility should catalyse investment in over 500MW of new renewable generation capacity across

Southern Africa and supports GreenCo’s regional trading activities, including bilateral power sales and

participation in the Southern African Power Pool (SAPP), helping to deepen liquidity and accelerate market integration.

“The related EFSD+ and IFDK guarantees are highly bespoke, and the product of creativity and hard work by the combined deal team, ”explained Pug Bennet, GreenCo’s Chief Finance Officer and Co-Founder “We are very grateful to both the European Commission and IFDK for their willingness to think outside of the box and

work with us to design a practical and impactful solution to address perceived risks.

”The transaction aligns squarely with the EU’s Global Gateway strategy, supporting energy transition, regional integration, and private sector mobilisation in priority African markets. It establishes a replicable blueprint for deploying public guarantees to unlock private investment while maintaining fiscal discipline.

“This is precisely the type of catalytic intervention the EFSD+ was designed to support,” said Thomas Hougaard, Managing Director of Impact Fund Denmark.

“By backing a regional market intermediary, the European Commission is helping to unlock investment that ultimately delivers clean, affordable, reliable electricity to power the economic growth and affordabiltiy to citizens.”

With this milestone, GreenCo further consolidates its role as a first-of-a-kind intermediary offtaker and regional power trader, bridging public policy objectives and private capital to accelerate Africa’s clean energy transition.

About GreenCo

GreenCo is a renewable energy buyer and trader operating in Southern Africa (Zambia, South Africa, Zimbabwe and Namibia); purchasing power from renewable energy generators and selling that electricity to utilities, private sector offtakers (i.e. commercial and industrial users), national power trading markets and to the competitive markets of the Southern African Power Pool (SAPP).

GreenCo is an active trader on SAPP and holds a number of applicable licenses covering its operations within the Southern African region. Through its activities, GreenCo will increase the supply of, and demand for, finance for energy projects, and mobilise private sector capital more quickly towards critical and transformative capacity addition. By serving as a creditworthy long term counterparty, GreenCo reduces reliance on the public sector to backstop new generation capacity, allowing public utilities to focus scarce resources on operations, maintenance, and grid reliability rather than balance-sheet risk. For more information please see: www.africagreenco.com

About Impact Fund Denmark

Impact Fund Denmark is the Danish state’s development fund, investing in businesses across the Global South to promote sustainable growth and the green transition. As a central pillar of Denmark’s global engagement, the fund aims to double its managed capital from the current DKK 18 billion to over DKK 35 billion by 2030.

Focusing on sectors such as green energy, infrastructure, and sustainable food systems, the fund has already contributed to the installation of 2,800 MW of renewable energy globally. Strategically, Impact Fund Denmark prioritizes that at least half of all investments are dedicated to direct climate action.

Since 1967, the fund has combined state funds with private capital to create lasting change. Its active portfolio currently includes 183 companies in more than 45 countries, supporting over 388,000 jobs

05/12/2025

AfDB, WLCA say women are architects of resilience in climate economy

African Development Bank (AfDB) Group Director for Gender, Women and Civil Society, Dr. Jemimah Njuki, says women are not merely victims of climate change but are “architects of resilience and sustainable economic growth” across Africa.

Njuki said that despite producing half of the world’s food and leading climate adaptation efforts, women entrepreneurs in climate-sensitive sectors continue to face systemic financing barriers.

She made the remarks at the launch of the Economic Resilience Pathways Webinar Series: Solutions and Opportunities by Women Leaders for Climate Action (WLCA), held under the theme: “Economic Pathways for Women in the Just Transition to a Climate Resilient Economy: Solutions, Opportunities and Challenges.”

“The Affirmative Finance Action for Women in Africa (AFAWA) is actively dismantling these hurdles. As of November 2025, AFAWA has approved US$2.95 billion in financing through 199 partner institutions across 46 countries. This massive intervention has supported nearly 26,000 women entrepreneurs and created an estimated 80,700 jobs in sectors like agriculture and renewable energy,” Njuki said in Lusaka on Friday.

She noted that AFAWA was dispelling the myth that lending to women was risky through its Guarantee for Growth (G4G) programme, where data shows non-performing loan claims stand at “a mere one percent.”

Njuki said this confirms that women are “highly bankable,” but stressed that the challenge is making financial institutions more “women-able” by removing collateral constraints.

She added that resilience also required inclusive leadership, noting evidence that countries with higher female parliamentary representation adopted stronger environmental policies, and gender-diverse companies invested more in renewable energy.

“Gender-inclusive climate action is smart economics, not charity. When policymakers and financiers de-risk investment and embed gender equality in their strategies, they do not just empower women, they secure Africa’s future,” she said.

Earlier, WLCA founder and B2P Country Director, Nachilala Nkombo, said that with the right knowledge, skills, technologies and infrastructure, Africa could build an economy that was both resilient and inclusive.

“Despite women carrying a disproportionate burden of the climate crisis, they are responding to the realities of climate change with courage, innovation, and action,” Nkombo said.

She explained that the objective of the five-part webinar series was to amplify the visibility of women driving economic resilience, inspire more women to build green enterprises, and promote participation of women-led small and medium enterprises in high-value segments of the climate economy.

Another objective is to generate evidence to inform policies and programmes that strengthen women’s leadership and enterprise in the climate transition.

Women Leaders for Climate Action (WLCA) Director of Sustainability and Membership Lead, Sarah Banda Ortiz, called for stronger investment in women, saying their purchasing power and economic value were central to national growth but remain overlooked.

“Women’s purchasing power and economic value rarely make headlines, but they shape the decisions that keep businesses alive. Most major household choices, from food to education to banking, are driven or heavily influenced by women. Yet the systems around overlook this reality at the expense of our broader community,” Ortiz said.

She said WLCA aimed to correct that narrative, adding: “We believe women are bankable. That’s why these webinars matter: they create room for women to learn, share, connect, grow and be recognised. We are truly grateful that you are now part of our community, because together we are stronger.”

Citing evidence from the Bank of Zambia’s 2018 Baseline Survey, Ms Ortiz said women demonstrated stronger loan repayment behaviour than men, yet many financial institutions still viewed them as “risky” borrowers or fail to tailor financial products to their needs.

“It’s a missed opportunity hiding in plain sight. If all financial institutions adjusted their product to this fact, women could lift the sector and economy higher. We call on them to partner with Women Leaders for Climate Action to seize the opportunity to invest in women and change this reality for the good of our country,” she said.

Delivering the vote of thanks, WLCA representative, Mauwa Lungu, said the launch marked “a turning point” in efforts to strengthen economic resilience through women-led climate solutions.
“We have seen today that empowering women is not just good for climate action — it is smart economics,” Lungu said.

She added: “When women are given the tools, financing and opportunities they deserve, entire communities benefit. That is how we build a climate-resilient Zambia.”

05/12/2025

GreenCo leads push for renewable energy to address regional power deficit

Lusaka

Amid one of the worst droughts in recent history, Zambia faces a severe power deficit, prompting renewed focus on renewable energy and regional power trade.

Wezi Gondwe, Managing Director of GreenCo, said the drought has exposed the country’s vulnerability, particularly as the mining sector alone accounts for roughly 50 percent of total electricity demand.

“Renewable energy sources provide the fastest way to scale up supply, enhance energy security, and unlock greater trading opportunities for Zambia across the region,” Gondwe said.

He stated that: “Zambia was the first country to signal intent to move in this direction and to invite private sector participation.”

Lion Mashiri, Director for Zimbabwe at Africa GreenCo, highlighted the ongoing power challenges in Zimbabwe, noting a current deficit of about 400 megawatts.

“GreenCo, together with national utilities and other partners, is helping to bridge this gap by providing additional power, which is critical to turning the country’s economy around,” he said.

GreenCo has also assisted utilities in drafting system operations and usage agreements to streamline power distribution and trading.

Victor Mbumwae, UN Good System Convener at the Zambian Office of the Vice President, underscored legislative and structural reforms in Zambia’s energy sector.

“We have moved from a single-buyer model to a liberalized market, strengthening interconnecting infrastructure to trade and import power, while creating new revenue streams for the country,” Mbumwae said.

Precious Mpepele, Head of Africa GreenCo in South Africa, described the organization’s model as “transformative.”

She explained that GreenCo acts as an intermediary that brings the creditworthiness necessary to bank renewable energy projects—a model she called “revolutionary” for the region.

Cathy Oxby, Chief Commercial Officer of Africa GreenCo, said the company is licensed in Zambia, Zimbabwe, Namibia, and South Africa.

“Our goal is to rebuild local renewable energy industries and facilitate greater regional trade, using renewable resources more efficiently. Mines require reliable 24/7 power, and our work helps them reduce reliance on diesel backup by providing stable baseload electricity,” Oxby said.

GreenCo’s efforts mark a critical step toward addressing Southern Africa’s chronic power shortages while promoting sustainable energy solutions and regional economic integration.

28/11/2025

GreenCo, Kiyona launch rooftop power model to ease Zambia’s energy shortages

GreenCo and Kiyona have entered into a strategic partnership and launched a rooftop microgeneration model aimed at boosting clean power access for Zambian homes and businesses.

The agreement was signed during the Zimbabwe–Zambia Energy Projects Summit held in Livingstone, under the theme “Mines and Energy: how stakeholders have fast-tracked private sector projects to become Africa’s top investment destination.”

According to a statement issued in Lusaka on Thursday, the partnership comes at a critical moment as Zambia faces immediate energy shortages, with households, small businesses and industries feeling the pressures of load reductions.

GreenCo Managing Director, Wezi Gondwe, said the partnership introduces a timely, homegrown solution that delivers clean power faster while placing Zambian developers and communities at the forefront of the energy transition.

"The launch of the microgeneration and rooftop model represents a new kind of public–private collaboration, where the strengths of the public sector and a private trader are combined to create a model that benefits the country, developers, and consumers alike," Gondwe said.

He added that the partnership underscores the shared commitment of companies to advancing solutions driven by Zambian entrepreneurs and developers.

Gondwe said the initiative complements Kiyona’s broader clean energy ambitions, which include greening towns and cities, accelerating access, and deploying community-scale solutions aligned with national development and climate resilience priorities.

"Historically, smaller renewable developers have been excluded from utility-scale projects; this initiative is designed to reverse that trend," he said.

He explained that by providing the right support framework, the model empowers local innovators to scale their projects, compete effectively and contribute to national and regional energy goals, ensuring clean energy projects are designed and developed locally and serve Zambian communities.

Gondwe said GreenCo’s role — taking aggregated power from Kiyona’s rooftop and microgeneration IPP portfolios — reinforces its mandate to de-risk innovative solutions, enhance liquidity and support bankability where traditional financing remains a challenge.

He noted that the partnership is enabled by Zambia’s progressive regulatory environment, which encourages independent power producers and supports new business models.

This, he said, signals the country’s readiness to scale clean energy investment through collaboration, innovative financing and forward-looking reforms.

"We extends its appreciation to Kiyona and ZESCO for their dedication to exploring novel approaches to generation development as the country tackles the current energy deficit," Gondwe said.

He added that the partnership reflects what is possible when institutions commit to bold collaboration and people-centred innovation.

Gondwe further reaffirmed GreenCo’s commitment to supporting solutions that showcase the region’s ingenuity and ambition in building a sustainable and resilient energy future.

“This partnership is a true public–private win–win. It brings together the strengths of ZESCO, the community benefit drive of Kiyona, and GreenCo’s ability to de-risk and finance new models. By working together, we can move faster, empower more Zambian developers, and bring reliable clean power to more people," he said.

Kiyona Energy Limited Managing Director, Clement Siame, said the partnership accelerates the company’s mission by enabling practical, community-level solutions — from rooftop solar to microgeneration plants — that respond directly to rising demand and the realities of climate-induced power shortages.

“Kiyona was created to harness Zambia’s renewable potential for the benefit of our people. Together with ZESCO and GreenCo, we are unlocking a more resilient, accessible and inclusive energy system for all," Siame said.

ZESCO Managing Director, Justin Loongo, welcomed the collaboration, noting that it delivers immediate relief to citizens and businesses while supporting long-term sector reforms.

"By combining public institutions with private innovation, we can deliver clean energy faster, strengthen grid resilience, and ensure that every Zambian benefits from the country’s renewable energy potential,” Loongo said.

20/11/2025

20/11/2025

GreenCo opens solar-powered Lusaka HQ, signals Zambia’s expanding role in regional power markets

GreenCo on Thursday opened its new solar-powered Head Office and Trading Centre in Lusaka, positioning the company to scale its regional energy trading operations at a time when Zambia is seeking stronger private-sector participation in the electricity market.

Energy Minister Makozo Chikote, who presided over the launch, said the facility aligns with government efforts to diversify the energy mix and promote investment in renewable and alternative power sources.

The building operates entirely on solar power supported by storage and efficiency systems and includes an electric vehicle fleet.

Chikote said such investments support national objectives to expand distributed energy solutions, accelerate adoption of clean technologies and reduce overdependence on hydroelectric generation.

GreenCo outlines regional strategy

GreenCo Managing Director, Wezi Gondwe, said the company’s presence in the region—where it trades power through the Southern African Power Pool (SAPP) and operates in South Africa, Namibia and Zimbabwe—demonstrates that Zambia can play a more central role in cross-border energy markets.

He noted that GreenCo was established in Zambia and continues to use Lusaka as its operational hub for regional trading, renewable energy integration and market development.

“Zambia can function as a platform for designing, financing and operating regional power solutions,” Gondwe said.

He said sector reforms, including open access and competitive market provisions, have made Zambia more attractive for private capital and new renewable energy projects.

Collaboration with ZESCO and IPPs

GreenCo highlighted the 100 MW Chisamba Solar Project as a current flagship transaction. Developed by KNBE, a ZESCO subsidiary, and supported by GreenCo through its offtake and trading structure, the project is expected to add new solar capacity to the national grid.

Gondwe said the company also coordinated emergency power imports with ZESCO during recent supply shortages, illustrating the operational role private intermediaries can play during periods of constrained generation.

CEO points to strengthening demand base

Africa GreenCo Group Chief Executive Officer, Ana Hajduka, said the company’s customer portfolio includes large agricultural operations, Coca-Cola Beverages Zambia, Zambian Breweries, LimeCo and First Quantum Minerals.

She said this demand profile reflects the growing appetite for renewable and competitively priced power among commercial and industrial clients.

She added that GreenCo’s recent listing among the TIME100 Most Influential Companies underscores the broader market recognition of emerging African energy platforms.

Operational model and investment approach

Gondwe reiterated GreenCo’s mandate as a creditworthy intermediary linking independent power producers (IPPs) with utilities, industrial customers and the regional market.

The model aims to reduce project risk, improve liquidity in the market and provide predictable supply options for buyers.

He said the company’s financial backing so far—from Standard Bank, InfraCo Africa and the Danish Impact Fund—demonstrates that investors are willing to commit capital to structured renewable energy transactions in African markets.

New headquarters as operational infrastructure

The newly opened facility will house GreenCo’s power trading, risk management, engineering, finance and administrative teams.

The firm says the building is designed to function as a practical demonstration site for distributed solar, energy-efficiency systems and electric mobility solutions.

GreenCo also plans to use the centre to host capacity-building activities for local engineers, analysts and market participants, focusing on renewable integration and power markets.

Outlook

The company expects continued growth in Zambia’s commercial and industrial demand for renewable energy, supported by rising awareness of cost volatility in hydro-dependent systems and the increasing availability of regional trading options.

Gondwe said GreenCo will continue expanding its role in providing bankable offtake for IPPs while supporting utilities like ZESCO in balancing supply through both local projects and regional transactions.