- Masdar and Zambia Electricity Supply Corporation (ZESCO) signs an agreement.
- The partnership aims to co-develop solar projects with an overall investment of $2 billion over the next few years.
The state-owned Zambia Electricity Supply Corporation (ZESCO), which concluded the event on Thursday, January 19, 2023, inked a partnership agreement with Masdar on the margins of the gathering (Abu Dhabi Future Energy Company ) at the sustainability week.
The agreement, signed in front of President Hakainde Hichilema, calls for a $2 billion investment to produce at least 2000 MWp of solar energy. The two companies have decided to launch a 500 MWp solar power facility.
Zambia has allowed international companies, including independent power producers, access the renewable energy market (IPPs). Zambia will be able to diversify its energy mix thanks to the $2 billion investment in solar photovoltaics. The nation of East Africa has an installed capacity of 3,030 MW, of which hydroelectric facilities produce 2,393 MW. The 1,319 MW Kariba facility, which Zambia and Zimbabwe share, is the biggest of these. Some of the electricity that ZESCO supplies to residents and businesses comes from solar and thermal (coal and gas) power facilities.
Zambia’s dam levels are lower due to the intensifying droughts in Eastern and Southern Africa, which results in poorer electrical output during the dry season. To deal with this problem, ZESCO seeks to diversify its production sources by emphasizing solar energy. According to Power Africa, Zambia already has 91 MW of installed solar capacity. The 54 MWp Bangweulu plant is one of the solar power plants that have recently been put into operation. A group led by the French investment firm IPP Neoen and the Zambian investor Industrial Development Corporation constructed the park (IDC).