DRC: GreenCo Bets on a New Model to Secure Power Projects Against SNEL Risk
A new electricity commercialization model could accelerate the development of renewable energy in the Democratic Republic of Congo. Developer SafiriPower and Africa GreenCo have reached an agreement to develop a 50-megawatt photovoltaic solar power plant in Kolwezi, in Lualaba Province. The objective is to reduce the financial risks linked to the National Electricity Company, SNEL, and facilitate the financing of the project.
A Model That Bypasses Payment Risk
Under the terms of the agreement, SafiriPower will be responsible for developing the power plant, while GreenCo will purchase the electricity produced before reselling it directly to mining and industrial companies. The energy will be transported through the SNEL network, which will retain its role as grid operator without being the main buyer of the electricity.
This mechanism makes it possible to limit the project’s exposure to the public company’s payment risk, an element often considered an obstacle to investment in the Congolese energy sector.
A Heavily Indebted SNEL
This initiative comes at a time when SNEL’s financial situation remains worrying. According to Congolese authorities, its debt is estimated at nearly $3 billion. In its report published in March 2026, the World Bank indicated that the company alone accounts for around 75% of the debt of public enterprises in the DRC.
For investors, the financial strength of the electricity buyer is an essential criterion to guarantee project revenues and attract the financing needed for their implementation.
GreenCo Presents Itself as a Creditworthy Buyer
In a joint communiqué, GreenCo says it can improve the bankability of projects through its role as a “creditworthy buyer.” Its Chief Executive Officer, Ana Hajduka, believes that this model makes it possible to turn renewable energy projects into more attractive investments for lenders.
For his part, SafiriPower’s Chief Executive Officer, Jules Ndambu, stresses that this partnership gives projects developed in the DRC secure access to the market, an essential condition for their realization.
A Power Plant Expected in 2028
Located in the heart of the Congolese Copperbelt, the future solar power plant will mainly supply mining and industrial companies in Kolwezi, where electricity needs far exceed available supply. Its commercial commissioning is scheduled for the second quarter of 2028. The cost of the investment has not been disclosed.
This operation also marks GreenCo’s entry into the Congolese market, after deploying its model in Zambia, Zimbabwe, Namibia and South Africa.
MB
Source: Agence Ecofin
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