Oil,Mining & Energy

US$ 2 Billion Capital Injection for Solar Power Projects Across Zambia

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The Zambian Republic President His Excellency Hakainde Hichilema communicated the signing of Memorandum of Understanding (MoU) and a landmark Joint Development Agreement (JDA) between Zambia and the United Arab Emirates, aimed at facilitating massive investment in renewable energy in our country.

This MoU and JDA will see ZESCO partner with MASDAR, a key investment funding entity of the United Arab Emirates (UAE), to form a joint venture in developing and deploying large scale solar projects across the country, estimated at US$2 billion.

This is not a loan but a capital injection in which the Zambian people, through ZESCO, will be partners in shareholding.

The projects shall be undertaken in a phased manner, which will commence immediately, starting with the phased installation of 500 megawatts.
Once completed, the projects will result in an additional 2000 megawatts of electricity in the country, within the next few years.

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 2000 megawatts, within a shorter period of time.

With this projected increase in electricity supply, Zambians shall be assured of even more accelerated economic development and increased employment opportunities for our citizens.

The signing of this MoU and JDA, therefore, is a firm attestation of the renewed confidence that investors have in the sound leadership of this country, resulting in more players expressing interest to participate in our planned diversfied energy mix, which shall include solar, wind and hydro power.

Hakainde Hichilema

President of the Republic of Zambia πŸ‡ΏπŸ‡²