A power company built on permanent capital.
Valinor Energy is the energy platform of Thebe Investment Management, a Zambian permanent-capital investor. We exist because Zambia's growing industrial economy — mining above all — needs dependable, competitively priced electricity, and because the fastest way to deliver it is a standard plant, built well, then built again.
We are developers who stay. Valinor plants are owned for their full contracted lives, operated to institutional standard, and financed so that each completed project strengthens the balance sheet behind the next one.
Our model is a cycle, not a pipeline.
Each plant follows the same financial life: sponsor capital builds it, operations season it, and long-term project finance takes it over — releasing the capital that started it to build the next one.
A ring-fenced project company delivers a 10 MW plant with contracted offtake, bankable engineering and dedicated operations.
Once operating history is proven, the plant raises long-term debt against its own cash flow — on coverage lenders test, not projections alone.
Refinancing returns the original capital to the platform, where it funds the next block. The cycle compounds; the fleet grows.
Land finances electrons; electrons finance the land.
One plant, engineered to repeat.
Standardisation is our core discipline. Every Valinor project shares the same size, the same contracts, the same financing shape — so each one is faster to build, simpler to finance and easier to operate than the last.
Case Study
Mwandi Solar
Our first site and the template for everything that follows: a 20 MW grid-connected solar plant, delivered in phased 10 MW blocks as a ring-fenced project company with contracted offtake, local senior debt and institutional operations. Phase one completes by Q1 2027, establishing the delivery, governance and bankability evidence for the programme — and the wider Mwandi zone has room to grow to 300 MW as grid capacity develops.
Behind Mwandi, we are siting the next 100 MW of projects with development partners across Zambia's industrial corridors — the first steps toward a gigawatt-scale contracted fleet serving industrial power demand across the Southern African Power Pool
Work with us.
We partner with landholders, offtakers, developers, lenders and operators who share our horizon. If you buy industrial power, finance infrastructure, or hold sites where the sun works hard — we'd like to talk. Get in touch with us at valinor@thebe-im.com.
Permanent capital. Long-term perspective.
Founded in 2014, Thebe Investment Management is a Lusaka-based permanent-capital investment group that develops and operates large-scale urban and rural projects. Its portfolio includes Nkwashi, a master-planned town designed for more than 60,000 residents, and Carbon Canopy, which works with more than 40 Zambian communities to co-develop and manage nature-based carbon projects across over two million hectares. Valinor is Thebe's renewable-energy platform.
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