• IREDA approves $22.5 million loan for 100MW solar project in Zambia

• Deal marks Indian agency’s first renewable financing in Africa

• Zambia seeks solar diversification amid hydropower climate risks

The Indian Renewable Energy Development Agency (IREDA) on Jan. 16 completed its first financing deal in Africa, approving a $22.5 million loan for a 100-megawatt solar PV project in Zambia’s Serenje district.

In a statement, the agency said the financing will go to Swarna Solar Limited, a renewable energy developer, but it did not disclose the project’s total cost or full financing structure.

The deal underscores India’s bid to expand its footprint in global clean-energy finance. Through its international arm, IREDA Global Green Energy Finance IFSC Ltd (IGGEFIL), based in GIFT City, the agency aims to tap international capital to support solar projects outside India.

The financing comes as Zambia looks to diversify its energy mix. The country relies heavily on hydropower for most of its electricity generation, leaving the power system vulnerable to climate shocks. Recurring droughts have increased interest in solar capacity to improve supply reliability.

IREDA’s first deal could be followed by further financing in Africa, although it is entering a market where China is already entrenched as both a major lender and a key supplier of solar equipment.

Abdoullah Diop