Kenya based Serengeti Energy has reached financial close for the 32 MW Ilute Solar photovoltaic (PV) Project in Western Zambia. The project is located in Sesheke District, Western Province. The construction is scheduled to start in January 2026 and is planned over a 12-month period. The plant was structured to sell electricity directly into the Southern African Power Pool (SAPP) through a market-based power purchase agreement (PPA) with GreenCo (GreenCo Power Services Limited). The transaction followed a non-recourse, market-linked financing structure. Equity funding was provided by Serengeti Energy and Kwama Energy. The development involved coordination with the Zambia government (Government of the Republic of Zambia) and GreenCo. Debt financing totalled about $26 million. The lender group was led by FMO (Netherlands Development Finance Company), with participation from SEFA (Sustainable Energy Fund for Africa), Triodos IM (Triodos Investment Management) and EDFI ElectriFI (European Development Finance Institutions – Electrification Financing Initiative).The 32 MW Ilute Solar project in Zambia reached financial close under Serengeti Energy through a GreenCo PPA with funding led by FMO alongside SEFA, Triodos IM and EDFI ElectriFI.