- Zambia and the United Arab Emirates (UAE) have signed a MOU and Joint Development Agreement (JDA) which will see ZESCO, the country’s state-owned electricity company, partner with MASDAR, a key investment funding entity of the UAE.
- The two will form a joint venture in developing and deploying large-scale solar projects across the country with an estimated value of US$2 billion.
- Masdar has not released an official press release confirming the deal.
“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,” commented Zambia’s President, President Hakainde Hichilema after his return from a trip to the UAE.
An inititial 500MW is envisaged with a further 2000MW planned thereafter.
“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,” said Hichelema.
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 hydro power. Hichilema is credited with reversing the scourge of corruption and understated debt propagated by his predecessor, Edgar Lungu. Read more
Author: Bryan Groenendaal
