Globeleq Kafue Solar Limited (FMO-64121)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Zambia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 22, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Globeleq Inc
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 2.95 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 2.95 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 23.70 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Apr 1, 2026

Disclosed by Bank Oct 14, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the FMO, the objective of FMO's financing is to fund the development, construction, and operation of the two co-located 20MWac solar PV plants in Zambia. The facilities consist of a senior facility totaling USD 20.4mln, of which USD 13.4mln coming from FMO-A and USD 7.0mln from Access to Energy Fund (AEF); a senior facility used for VAT purposes totaling USD 3.3mln from FMO-A; and a junior facility totaling USD 3.0mln from AEF. FMO is financing the facilities in a club deal with another DFI.

The project is part of the strategic GETFiT program, which supports Zambia in enhancing private sector involvement in the power sector. The Project contributes to a diversification of Zambia's energy mix, which is largely (>85%) dependent on hydropower and vulnerable to climate change and extreme weather events. Zambia is classified as a Least Developed Country (LDC) by the UN, and it has gone through a challenging COVID and sovereign default period. FMO labels the investment as Green and Reducing Inequalities (RI).

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The FMO categorized the project E&S risk as B+.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the FMO, Globeleq Kafue Solar Limited is a special purpose vehicle (SPV) that will develop, own, and operate two co-located 20MWac solar PV plants (total contracted capacity: 40MWac) and a 4.5km 33kV overhead transmission line to Kafue town substation. The Project is located 50km from Lusaka and less than 5km from the town of Kafue in Lusaka Province, Zambia. The Project is developed by Globeleq Africa Limited, to whom the Project was awarded in 2019 under the Zambia Solar PV GETFiT program supported by KfW.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Globeleq Inc Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Globeleq Inc:

Address: Globeleq Energy Zambia Limited, Green City Office Park, Suite B20, Block B, 2nd Floor, Kelvin Siwale Road, Lusaka
Lars Ellegard - Country Director
Email:
Website: https://globeleq.com/contact/ 

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism

How it works

How it works