Company profile

Ilute Solar Limited

Ilute Solar Limited (Ilute Solar) is a Special Purpose Vehicle (SPV) established to develop, finance, and operate a 32 Megawatt-peak(MWp) solar photovoltaic power project in Sesheke District, Western Province, Zambia, representing Africa's first project-financed, non-recourse renewable energy initiative to sell electricity directly into the Southern African Power Pool (SAPP) Day Ahead Market. Co-sponsored by Serengeti Energy and Western Solar Power and co-developed with Kwama Energy, the project operates under an innovative Independent Power Producer (IPP) structure, selling electricity through a 25-year market-based Power Purchase Agreement (PPA) with GreenCo Power Services Ltd, eliminating dependence on sovereign guarantees and traditional offtaker risk. The USD 37 million project secured a USD 26.5 million blended finance package led by Dutch development bank FMO, with participation from Triodos Bank, the Sustainable Energy Fund for Africa (SEFA), and EDFI ElectriFI, achieving financial close in June 2025 following key milestones including PPA signing at COP28 in December 2023 and Grid Connection Agreement execution with ZESCO in December 2024. The project is environmentally and socially inclusive, allocating 1% of annual revenues to a community development trust and implementing a biodiversity management plan with the WWF.

Sector

Energy and power / Independent Power Producers, Utility-Scale Solar

Markets

Zambia

Ownership

Private

Source: Partner Researchers.