President Hakainde Hichilema has revealed that Zambia has signed a Memorandum of Understanding and Joint Development Agreement which will see ZESCO partner with MASDAR, a key investment funding entity of the United Arab Emirates (UAE).
The MOU and JDA will enable ZESCO to form a joint venture in developing and deploying large scale solar projects across the country.
Mr. Hichilema further revealed that the joint venture is estimated to be around US$2 billion and that it is not a loan but a capital injection in which the Zambian people, through ZESCO, will be partners in shareholding.
“The projects shall be undertaken in a phased manner, which will commence immediately, starting with the phased installation of 500 megawatts. Once completed, the projects will result in an additional 2000 megawatts of electricity in the country, within the next few years,” President Hichilema said.
He further added that the historical significance of the project is that, in the last 58 years of Zambia’s independence, the country only developed 3,500 megawatts of electricity.
Mr. Hichilema has described the investment as remarkable and is optimistic that it shall bring in the much needed 2000 megawatts, within a shorter period of time.
“With this projected increase in electricity supply, Zambians shall be assured of even more accelerated economic development and increased employment opportunities for our citizens,” the president said.
President Hichilema added that the signing of the MoU and JDA is a firm attestation of the renewed confidence that investors have in the sound leadership of the country.
And that this can be seen with the increase of players expressing interest to participate in the planned diversfied energy mix, which shall include solar, wind and hydro power.
This is according to a statement obtained by Solwezitoday reporter from the President Hichilema’s Facebook page.
President Hakainde Hichilema is in the United Arab Emirates attending the Abu Dhabi sustainability conference, which commenced on 15th January, 2023, at the invitation of His Highness Sheikh Mohammed Bin Zayed Al Nahyan.