- A Liquefied Petroleum Gas (LPG) plant will be established in the northern part of neighbouring Zambia.
- During the event, Taifa Group chairman Rostam Aziz said the two firms were taking advantage of better policies to build a strong economy.
Yesterday, Taifa Gas announced a $100 million investment in power generation in Zambia through a joint venture with a local company, Delta Marimba. Through the investment, the first Liquefied Petroleum Gas (LPG) plant will be established in the northern part of the neighbouring country. The project will commence production 24 months after securing essential approvals from the Zambian authorities, including Environmental Impact Assessment (EIA).
Taifa Gas will also use the entry to explore more opportunities related to LPG utilisation, ranging from cooking gas to power solutions. Once operational, the power plant will add 100 megawatts to the Zambian national grid. Taifa Gas executive director Hamis Ramadhani told the media yesterday that the investment was primarily driven by a favourable investment climate and policies created by Tanzania and Zambia presidents Samia Suluhu Hassan and Hakainde Hichilema.
“TG heartily congratulates Zambia’s momentous achievement on the debt restructuring deal,” said Mr Ramadhani. During the event, Taifa Group chairman Rostam Aziz said the two firms were taking advantage of better policies allowing the building of a strong economy. He said that was possible by translating the long and political relations between the two companies to economic aspects to benefit both countries citizens.
“This is the right time for our countries to value issues of the economy because it is the economy that will transform the lives of our people,” he said. Furthermore, he said Tanzania was lucky to have good neighbours and friends, insisting that it was the right time for the said opportunity to strengthen the countries’ economies and benefit its people.“
He said Zambia’s energy demand stood at slightly above 3,000 megawatts compared to an estimated 3,100 megawatts of production, noting that the country’s energy demand was still increasing. Mr Muleya said the increase in energy demand ranges from growing consumer and mining needs, especially after President Hichilema’s announcement targeting an increase in copper production from 890,000 tonnes per annum to three million annually.
According to him, implementing the project in Zambia provides a more comprehensive export opportunity to different countries. The deal was announced about 40 days after Taifa Group and Generation Capital Limited (GCL) partnered with the state-owned Zanzibar Electricity Corporation (Zeco) to produce 180 megawatts on the islands. The power purchase agreement (PPA) for the first-ever utility-scale solar photovoltaic (PV) project in Zanzibar, which receives 125 megawatts from Tanesco, has a cost of Sh330 billion.