Zambia’s president Hakainde Hichilema announced the signing of an agreement with the United Arab Emirate’s government-owned renewable energy company, Masdar, to develop a $ 2 billion solar power.
The partnership aims to establish a joint venture to develop and deploy solar projects across the country, with the goal of diversifying ZESCO’s energy generation portfolio and reducing dependence on hydro power, which has been affected by declining rainfall due to climate change.
The project is expected to improve power security, leading to increased investments and economic growth for the nation.
A total capacity of 2 GW will be implemented in phases, starting with 500 MW.
This is not a loan but a capital injection in which the country, through Zesco, will be partners in shareholdingHakainde Hichilema – the Zambia President
The country has an installed electricity generation capacity of 3,500 megawatts and is experiencing rolling blackouts due to low water levels in the Kariba Dam which is used to generate hydropower by Zambia and neighboring Zimbabwe.
Zambia recently signed an agreement with U.S to develop an electric vehicle value chain. The partnership is expected to benefit Africa and the world, as global leaders and environmental activists work to mitigate the effects of the climate crisis.