The Chibesakunda&Co Projects team advised Maamba Collieries Limited (MCL) on the National Pension Scheme Authority led USD300 million financing of its 300MW thermal power plant. The Projects team led by Head of Banking and Finance, Louise Chilepa and supported by Mutale Kasonde and Mwamba Chibesakunda worked tirelessly to bring the transaction to a close to pave way for the much-needed expansion of MCL’s installed generation capacity to help alleviate power rationing in Zambia.

The transaction closes at a time when Zambia is experiencing one of the worst drought seasons in recent history that has exposed Zambia’s heavy reliance on hydro power and the need to diversify Zambia’s energy mix.

As the world transitions to renewable power sources, the demand for copper and other transition minerals continues to increase and as such the mines on Zambia’s Copperbelt have an ever-increasing need for a constant supply of power. NAPSA’s funding of MCL will therefore enhance Zambia’s overall ability to meet the global demand for transition minerals as well as providing funding for MCL to continue to invest in emission limiting technology to reduce its own carbon footprint. 

Louise said of the transaction: “we’re extremely proud of the work that we’ve put in to bring this transaction to a close within significant time constraints and the hope is that this will encourage other local lenders to participate in energy projects that will serve to diversify Zambia’s mix and eliminate power rationing”