About Ngoli Energy
Developing, owning and operating renewable assets across Sub-Saharan Africa
Ngoli’s portfolio provides firm, dispatchable baseload generation with capacity factors of 40% – 70%, complementing the wave of intermittent solar PV recently commissioned in Zambia.
Who we are
A renewable IPP built for baseload
Ngoli Energy (“Ngoli”) is a renewable independent power producer (IPP) developing, owning and operating renewable assets across Sub-Saharan Africa.
The portfolio totals 280MW of late-stage, ready-to-build projects and early development projects, all located in Zambia.
Ngoli’s portfolio provides firm, dispatchable baseload generation with capacity factors of 40% – 70%, complementing the wave of intermittent solar PV recently commissioned in Zambia.
Ngoli Energy is currently implementing projects through it's Zambian vehicle, Africana Finance InvestmentsLimited (AFI).
280MW
Total portfolio capacity
4
Hydropower projects in Zambia
40–70%
Capacity factors
~1.2TWh
Combined annual generation (P50)
Portfolio
Portfolio at a glance
All four projects are located in Zambia and are structured to deliver power to both the national grid and regional markets through the Southern African Power Pool.
| Project | Capacity | Annual output | Status | FID target |
|---|---|---|---|---|
| Luchenene | 35MW | ~312 GWh combined | Shovel-ready | Q4 2026 |
| Mutinondo | 49MW | ~312 GWh combined | Shovel-ready | Q1 2027 |
| Mulembo Lelya | 80–118MW | ~410–426 GWh | Late-stage development | Q2 2027 |
| West Lunga | 80MW | ~500 GWh | Feasibility | Q4 2027 |
Roadmap
Financial close pathway
Final Investment Decision targets across the portfolio.
FID Q4 2026
Luchenene
35MW · Shovel-ready
FID Q1 2027
Mutinondo
49MW · Shovel-ready
FID Q2 2027
Mulembo Lelya
80–118MW · Late-stage development
FID Q4 2027
West Lunga
80MW · Feasibility
Investment thesis
Hydro complements solar
As Zambia and the Southern African Power Pool (SAPP) rapidly add solar capacity and approach a “solar cliff”, hydropower’s firm capacity and grid stability complement solar’s low-cost generation. Ngoli will pair both to deliver a balanced, round-the-clock fleet.
Firm, dispatchable baseload
Run-of-river and regulating-weir designs deliver schedulable generation with capacity factors of 40% – 70%.
Grid stability
Hydropower provides the inertia and flexibility the grid needs as intermittent solar PV grows.
Regional reach
Projects are structured to wheel power through ZESCO and the SAPP to industrial offtakers across the region.
Talk to us about the portfolio
Investors, lenders and offtakers can request further information on any of our projects.