Western Power Company (WPC) has appointed Standard Bank South Africa, Stanbic Bank Zambia and the Development Bank of Southern Africa as co-mandated lead arrangers for the Ngonye Falls Hydroelectric Project.
The structuring and arranging mandate was signed at the third annual Zim-Zam Energy Conference in Livingstone, Zambia. The three institutions will structure and raise financing for the US$800m development.
Ngonye Falls is a planned 180MW run-of-river hydropower project on the Zambezi River. Western Power Company described the mandate as the final step towards financial close and the start of construction.
“Signing the Mandate on the banks of the mighty Zambezi River makes this occasion even more special to the hard working WPC team,” said Sipho Phiri, executive chairman and co-founder of Western Power Company.
The company noted that Ngonye Falls received Africa’s first Gold certification after being assessed under the Hydropower Sustainability Standard (HSS). Once operational, the scheme is expected to strengthen Zambia’s electricity supply and support economic development in Western Province and the wider region.
“WPC would like to extend our thanks to our partners, The Barotse Royal Establishment, PIDG Project Development (InfraCo) and Lunzua Power Company for backing this project and Zambia’s energy future, and to the conference organisers for hosting us,” said Tom Younger, managing director and co-founder.
