Renewable energy developer SafiriPower has signed a joint development agreement with GreenCo to develop a 50 MW photovoltaic solar power plant in Kolwezi, in the Democratic Republic of Congo’s Lualaba province, according to a joint statement published on June 18, 2026.

Under the arrangement, SafiriPower will develop the power plant, while GreenCo will purchase the electricity generated and resell it to mining and industrial customers. The electricity will be transmitted through the network of the national power utility, Société nationale d’électricité (SNEL).

Unlike the traditional power purchase model, SNEL will not be the primary buyer of the electricity generated. Instead, it will mainly serve as the transmission network operator, reducing the project’s exposure to SNEL’s credit risk.

The arrangement comes as the financial position of the state-owned utility continues to deteriorate. Congolese authorities estimated SNEL’s debt at nearly $3 billion in 2025. In its March 2026 report on the Democratic Republic of Congo’s economic situation, the World Bank said SNEL accounts for about 75% of the debt held by the country’s state-owned enterprises.

SNEL’s financial position is widely regarded as a key obstacle to the bankability of new power generation projects. For independent power producers, the financial strength of the electricity buyer remains a key factor in securing future revenues and attracting financing.

“Creditworthy Buyer”

In the joint statement, GreenCo describes itself as a “creditworthy buyer” capable of securing the project’s revenues, enhancing its bankability and facilitating financial close.

“By acting as a creditworthy buyer between a local developer and the mines and industries that need electricity, we can transform renewable energy projects into bankable projects,” said Ana Hajduka, founder and chief executive officer of Africa GreenCo.

For Jules Ndambu, chief executive officer of SafiriPower, the partnership connects projects developed in the Democratic Republic of Congo “to a creditworthy route to market,” a condition he said is essential to delivering the projects.

Located in the heart of the Congolese Copperbelt, the project is primarily intended to supply electricity to mining and industrial companies in Kolwezi, where demand continues to exceed available supply. Commercial operations are expected to begin in the second quarter of 2028. No investment value was disclosed.

For GreenCo, the project is also its first announced operation in the Democratic Republic of Congo, following the deployment of its electricity aggregation and trading model in Zambia, Zimbabwe, Namibia and South Africa.

Pierre Muloko