First Solar Inc., Enel SA and Neoen SAS won contracts to develop two photovoltaic power projects in Zambia that will provide Africa’s cheapest solar power, the first winners of a World Bank-organized auction program to promote wider use of renewable energy in developing nations.
First Solar, the biggest U.S. panel producer, and France’s Neoen will jointly build a 45-megawatt power plant that will sell electricity for 6.02 cents a kilowatt-hour, and Enel will provide power from a 28-megawatt facility for 7.84 cents, the World Bank’s International Finance Corp. announced Monday.