ZAMBIA $2 BILLION SOLAR AGREEMENT WITH UAE

WITH plans to become a clean-energy powerhouse that will place the UAE at the forefront of the energy transition

In which Zambian-owned power utility company ZESCO has signed an agreement with the United Arab Emirates’ company Masdar to develop solar projects worth $2 billion.

MoU and JDA will see ZESCO partner with Masdar, a major investment funding entity of the UAE, to form a joint venture in developing and deploying large-scale solar projects throughout the country, with an estimated cost of $2 billion.

In a statement, the President of Zambia, Hakainde Hichilema, said that this is not a loan but a capital injection or investment in which the Zambian people, through ZESCO, will be partners in shareholding. The projects will be implemented in a phased manner, starting with the installation of 500 megawatts.

Once completed, the projects will result in an additional 2,000 megawatts of electricity in the country within the next few years. Hichilema said that with the projected increase in electricity supply, Zambians will experience even more accelerated economic development and increased employment opportunities.