Zambia’s state-owned power utility, Zesco Limited, has signed an agreement with the United Arab Emirates renewable energy company, Masdar, to develop solar projects worth US$2 billion.
The two companies will form a joint venture to facilitate investment in Zambia’s renewable energy.
This was disclosed in a statement by the President of Zambia Hakainde Hichilema on Tuesday.
The project would commence immediately, starting with the phased installation of 500 megawatts (MW).
“Once completed, the projects will result in an additional 2,000 megawatts of electricity in the country, within the next few years,” Hichilema said.
President Hichilema added: “The historical significance of this project is that, in the last 58 years of our independence, the country only developed 3,500 megawatts of electricity. This remarkable investment shall bring in the much-needed 2,000 megawatts within a shorter period.”
The President also highlighted the renewed confidence that investors have in the sound leadership of the country, resulting in more players expressing interest to participate in the country’s planned diversified energy mix, which will include solar, wind and hydropower.
Zambia has been rationing electricity supply following a big drop in water levels in Lake Kariba, threatening hydropower generation which contributes more than 75 per cent of the country’s power output.
Source: https://energynewsafrica.com