Zesco, the Zambian state-owned power utility, and Masdar, the United Arab Emirates renewable energy firm has signed an agreement to develop solar projects in the amount of $2 billion. This was announced by President Hakainde Hichilema of Southern Africa.
He stated that the two companies would form a joint venture in order to facilitate investment in Zambia’s renewable energy.
The project will begin immediately with the gradual installation of 500 megawatts.
Hichilema stated that the projects would generate an additional 2,000 megawatts of electricity within the country once they are completed. This will happen in the next few years.
After a huge drop in water levels of the Lake Kariba, Zambia has been rationing electricity supplies. This threatens hydropower generation, which makes up more than 75% of Zambia’s total power output.