Lusaka, Zambia// – Africa GreenCo, the regional renewable energy trader and intermediary offtaker, has signed a 200 MWac (240 MWdc) power purchase agreement (PPA) with the pan-African group AXIAN.
The two companies signed the agreement at the Energy Forum for Africa (EFFA) 2026 in Zambia, at the Mulungushi International Conference Centre, where ministers, utilities, investors and power producers are meeting from 7 to 9 October to debate how to build a single regional electricity market.
Under the agreement, Africa GreenCo will buy renewable power from the Kudu solar PV plant developed by AXIAN in Zambia and sell it on to utilities, mines and businesses of every size, from commercial farms to smelters, across the Southern African Power Pool (SAPP).
The plant is expected to generate approximately 530 GWh of renewable electricity per year. For AXIAN, the deal provides a creditworthy offtaker for new capacity. For buyers across the region, it opens access to clean power that no single project or national market could supply on its own.
The agreement is Africa GreenCo’s largest PPA to date and represents an important step in AXIAN’s ambition to support the development of reliable, affordable and renewable power across Africa. By combining AXIAN’s renewable generation capabilities with Africa GreenCo’s regional trading and aggregation platform, the agreement demonstrates how new approaches to power procurement can help unlock cross-border electricity markets and connect new renewable capacity with demand across Southern Africa.
Africa GreenCo has traded 4 TWh of power across Zambia, Zimbabwe, Namibia and South Africa since 2021, including more than 1.4 TWh in 2026 alone, and has executed 125 MW of PPAs in Zambia.
Ana Hajduka, Founder and Group CEO of Africa GreenCo, said: “Africa’s borderless power market is already being built, by the companies trading across it today. This agreement with AXIAN shows how that works in practice. A producer gets a buyer it can bank on, and customers across the region gain clean power they could not secure alone. EFFA asked what a borderless energy future looks like. We signed one.”
Benjamin Memmi, CEO of AXIAN’s Energy Cluster, said: “The signing of the Kudu PPA with Africa GreenCo is a major milestone for AXIAN in Zambia and marks the beginning of a partnership that we hope to further strengthen through future projects. At 240 MWdc / 200 MWac,
Kudu will be one of the country’s largest solar projects, helping diversify the energy mix and deliver clean, competitive power. We are proud to partner with Africa GreenCo, whose innovative power trading model is opening new routes for private renewable energy investment.
Building on our 54 MWp Bangweulu plant, Kudu reinforces AXIAN’s long-term commitment to Zambia. We thank the Government of Zambia, ZESCO, Africa GreenCo, Standard Bank and Stanbic Bank Zambia for their support as we move towards Financial Close and construction.”
Amin Hiridjee, Chairman of AXIAN, said: “It is an honour to be in Lusaka for the signing of the Kudu Power Purchase Agreement. I would like to congratulate both the AXIAN and Africa GreenCo teams, whose dedication has brought us to this milestone in a remarkably short time. Zambia has been a truly welcoming country for AXIAN, and we look forward to continuing to invest here in the years ahead.”
The signing took place during a forum in which Africa GreenCo’s leadership is making the case for regional trade across the forum’s programme. Speaking on the transmission and open access panel, Wezi Gondwe, Managing Director – Zambia, said: “Transmission is only valuable when it carries trades. Clear wheeling rules turn spare capacity into regional supply. Agreements like this one give Zambia’s open access framework the volumes it needs to prove itself, and give the region a reason to invest in the lines that connect us.”
Sherrill Byrne, Head Project Finance at Standard Bank, said: “Standard Bank and its subsidiary Stanbic Bank Zambia are proud to continue supporting Zambia’s investment in new clean-energy capacity, helping to strengthen energy security and enable sustainable economic growth across the country and the wider region.
This transaction builds on our longstanding relationship with Africa GreenCo and reflects our broader partnership with AXIAN across Africa. By bringing together experienced developers, innovative power-market platforms and traders and long-term financing partners, we can help unlock bankable projects that deliver reliable, affordable and cleaner power where it is needed most.”
Electricity demand across Southern Africa continues to outpace new supply. The 2024 drought showed how quickly hydro-dependent systems can tip into deficit. This reinforces the need to diversify generation and strengthen regional power markets, areas in which AXIAN is actively contributing through its renewable energy investments and partnerships.
Africa GreenCo’s role as an aggregator gives independent power producers a bankable route to market and gives buyers flexible supply. The combination of AXIAN’s generation capabilities and Africa GreenCo’s market access and aggregation model helps bring together the key ingredients needed to accelerate renewable energy deployment and regional electricity trade.
Backed by guarantee support from GuarantCo and the European Union’s EFSD+ programme, Africa GreenCo is expected to support up to 900 MW of renewable energy PPAs and provide the payment security those projects need to reach financial close.
