- The government of Zambia and the United Arab Emirates (UAE) have signed a memorandum of understanding (MoU) to construct 2,000 MW large-scale solar farms.
- The projects will be developed in phases, starting with an installation of 500 MW.
The government of Zambia and the United Arab Emirates (UAE) have signed a memorandum of understanding (MoU) and a joint development agreement for the construction of 2,000 MW large-scale solar farms across Zambia, according to Zambia’s president Hakainde Hichilema.
As a result of the pact, a joint venture (JV) will be created between UAE’s renewables developer Masdar and Zambia’s state-owned power utility towards pushing the solar projects on an investment estimated at USD 2 billion.
“This is not a loan but a capital injection in which the Zambian people, through ZESCO, will be partners in shareholding,” Hichilema said in a statement on his Facebook page.
The projects will be developed in phases, starting with an installation of 500 MW, the statement reads.
The president also stated that Zambia developed only 3,500 MW of generation capacity in the 58 years as an independent state. The megawatts from the Masdar-Zesco JV will be online within the next few years.