South Korea’s KS Eco Solutions Proposes Up To US$900 Million Solar And Nuclear Energy Investment In Zambia

A delegation from South Korea’s KS Eco Solutions Holding Limited has expressed strong interest in investing in Zambia’s energy sector. The proposal was discussed during meetings with Zambian government officials and key stakeholders in the energy industry. The Seoul-based company has presented a plan that combines solar and nuclear energy development to help Zambia increase electricity generation and meet its growing energy demands.

A major part of the proposal is the development of a 500 MW solar power project. The project is planned in ten phases, with each phase adding 50 MW of solar generation capacity. According to the proposal, technical teams from both South Korea and Zambia will work together on the installation of the solar facilities. The Zambian government will provide the land needed for the project, while the electricity generated will be supplied to ZESCO, the country’s national power utility, through a long-term power purchase agreement.

If completed, the 500 MW solar project could significantly reduce Zambia’s current power deficit. Officials estimate that the project could address nearly one-third of the country’s energy shortage. The additional power supply is expected to support households, businesses, and major industrial activities, particularly the mining sector.

The investment comes at a time when Zambia is aiming to increase its annual copper production to three million tonnes by 2030. To support this industrial growth, the country plans to expand its total electricity generation capacity from the current 4,000 MW to 10,000 MW. A reliable power supply is considered essential for achieving these economic goals.

The Ministry of Information and Media stated that financing for the project could be supported by the Export-Import Bank of Korea and the Korea Development Bank. Officials noted that investor confidence in Zambia has improved due to the strengthening of the local currency and the restoration of the country’s credit ratings. The proposed investment is estimated to be worth between US$700 million and US$900 million.

Although the project is still under discussion, government representatives described the proposal as an important step toward a possible agreement. Beyond solar energy, both sides also discussed cooperation in nuclear power development to strengthen Zambia’s long-term energy security.

Energy Permanent Secretary for Electricity Arnold Simwaba said Zambia remains committed to expanding solar power while also diversifying its energy sources. Zambia’s Ambassador to South Korea, Andrew Banda, noted that discussions with South Korean partners are beginning to produce positive results and highlighted South Korea’s strong technical expertise and reliability as a development partner.