- ZamWatt will combine solar, wind, hydro and battery storage projects to supply reliable power to Zambia’s industrial sector.
- ZESCO, Stanbic Bank Zambia and GreenCo Power Services will jointly develop, finance and operate the renewable energy portfolio.
- The initiative aims to accelerate Zambia’s energy transition while supporting industrial growth and grid stability.
Zambia’s state utility ZESCO Limited, Stanbic Bank Zambia Limited and GreenCo Power Services Limited have signed a Memorandum of Understanding to jointly develop a large scale renewable energy programme branded ZamWatt.
The initiative will deploy a portfolio of solar, wind and hydro power projects supported by battery energy storage systems to deliver reliable and competitively priced electricity to large commercial and industrial customers across Zambia.
The partnership combines ZESCO’s transmission infrastructure, Stanbic Bank Zambia’s financing and structuring capabilities, and GreenCo’s operational and energy trading expertise to create a scalable platform for renewable energy development in the country.
According to the partners, ZamWatt has been designed to address Zambia’s rising demand for dependable clean energy while supporting industrial expansion and strengthening the national grid.
Under the agreement, ZESCO will off take part of the electricity generated by the projects and provide transmission and system services to wheel the remaining power to customers. Stanbic Bank Zambia will support project development, financing and the identification of suitable industrial and commercial off takers. GreenCo will act as the operational agent for the portfolio, overseeing scheduling, wheeling coordination, metering and settlement services.
A key feature of the programme is the integration of multiple renewable technologies into a managed portfolio. By combining solar, wind and hydro generation, GreenCo aims to reduce supply variability and improve reliability for industrial customers requiring stable power supply profiles.
The three organisations have also established a joint steering committee to oversee technical, regulatory and commercial workstreams as they develop a roadmap for implementation.
Engineer Justin Loongo, Managing Director of ZESCO, said the collaboration demonstrates the impact that can be achieved through partnerships between the public and private sectors.
“ZESCO is proud to partner with Stanbic Bank and GreenCo Power Services on ZamWatt. This collaboration demonstrates the strength of what can be achieved when the public sector and innovative private partners work together to bring new renewable generation capacity onto the national grid supporting Zambia’s industrial growth while strengthening the energy system for the benefit of all consumers,” he said.
Mwindwa Siakalima, Chief Executive of Stanbic Bank Zambia Limited, said the programme provides a structured and scalable pathway to clean energy for Zambia’s commercial and industrial sectors.
“As financiers, our role goes beyond providing capital. It is about identifying the right structures and the right partners to ensure that investment translates into real economic growth for Zambian businesses and communities,” said Siakalima.
Wezi Gondwe, Managing Director of GreenCo Power Services, described ZamWatt as a market building initiative that could unlock significant new renewable generation capacity in Zambia.
“By combining ZESCO’s system infrastructure, Stanbic Bank’s financing capability, and GreenCo’s operational and trading expertise, we can unlock significant volumes of new renewable generation and deliver it to industrial customers in the form they need as reliable, shaped supply profiles,” Gondwe said.
The Memorandum of Understanding was executed in March 2026 and reflects the partners’ shared commitment to accelerating Zambia’s energy transition while expanding access to reliable electricity for productive sectors of the economy.
Author: Bryan Groenendaal
