Clifford Chance advises BII and FMO on US$52 million financing of Kafue Solar Project in Zambia

Global law firm Clifford Chance has advised British International Investment plc (BII) and Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) on the US$52 million financing of the Kafue Solar Project in Zambia.

The solar photovoltaic project is being developed by Globeleq Kafue Solar Limited. It comprises two 20 MW AC facilities with a combined installed capacity of approximately 56 MWp near Kafue in Zambia’s Lusaka Province. Once operational, it is expected to provide clean energy to approximately 38,000 households.

The Kafue Solar Project forms part of Zambia’s Global Energy Transfer Feed-in Tariff (GET FiT) Programme, which supports the country’s efforts to diversify its energy mix and increase the share of renewable energy generation. The competitive tendering programme is led by the Ministry of Energy of the Republic of Zambia in partnership with the German development bank KfW and provides a framework for collaboration between development finance institutions and project stakeholders in the delivery of energy infrastructure projects.

The Kafue Solar Project is the first project under the GET FiT Programme to reach financial close.

The Clifford Chance team was led in Paris by partner Delphine Siino Courtin and included counsel Thomas Chneiweiss, associate Charlotte Hopkinson and former associate Alexis Germain who advised on the project development and financing aspects. In London, partner Edward Bretherton and senior associate Jonathan Forrest advised on the construction aspects of the transaction.