(ZNBC)-Seven companies from the United Kingdom are investing TWO Billion dollars in setting up renewable energy projects in Zambia projected to produce two thousand Megawatts of electricity.
British High Commissioner to Zambia NICHOLAS WOOLLEY says the British companies are currently conducting feasibility studies and applying for regulatory approvals before they can kick start their projects.
Mr. WOOLLEY has told ZNBC News in an interview that the companies want to set up solar and wind energy projects in various parts of the country which will produce power to be sold to ZESCO.
The British envoy says the two thousand megawatts will be ready to be added to the national grid in the next two to five years.
And Head of Economic Development and Green Growth at the British High Commission in Zambia SARAH BLOOM says a lot of regulatory reforms are needed in the country’s energy sector for it to attract more investment.
Ms. BLOOM says tariffs need to be attractive and that ZESCO should be in a good financial situation for it to be buying power from independent producers.
And Special Assistant to the President for Finance and Investment JITO KAYUMBA says President HAKAINDE HICHILEMA is committed to reforming the energy sector to make it more attractive to investors.
Mr. KAYUMBA says government is working towards attracting more investments in the sector to achieve energy surplus in the coming five years.
He says the current energy crisis has highlighted the urgent need to increase the amount of energy the country produces to surpass the demand.
The seven British firms which are about to invest in Zambia are Hive Green, Western Power, Buffalo Energy, Africa GreenCo, First Quantum Minerals Solar Energy, Vitalite Solar and SolarAid.