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Tuesday, October 8, 2013
The African Development Bank’s (AfDB) board of directors approved a senior loan of up to $150 million to finance a 300-MW coal-fired power plant in Zambia on October 2. The loan will also go towards the revamping of Zambia’s Maamba coal mine.
The Maamba power plant project will increase supply and reliability of electricity in Zambia, which is heavily reliant on drought-sensitive hydropower. The power plant will use well-proven and advanced technology featuring high combustion efficiency and reduced GHG emissions for a lower overall environmental footprint.
The project is being developed by Maamba Collieries Ltd., a company incorporated in Zambia in 1971 and privatized in 2010 through a JV between Nava Bharat Singapore Pte Ltd. (NBS) and Zambia Consolidated Copper Mines (ZCCM), a public investments holding company.
As the transaction’s co-mandated lead arranger (MLA) alongside Absa Capital, a commercial bank from South Africa, AfDB is playing a leading role in mobilizing capital from development finance institutions (DFIs) and commercial financiers, and coordinating the due diligence process for the $800-million project.
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