Home World Africa Zambia signs $2bn solar power development pact with UAE Construction will be done in phases, starting with the installation of 500 megawatts by Bloomberg January 18, 2023 Zambia and the UAE signed a $2bn agreement to build solar plants in the southern African country that will increase its generation base by more than half. The joint venture between Zambia’s state-owned power utility, Zesco, and a UAE government-owned renewable energy company, Masdar, targets the development of 2,000 megawatts of solar power projects, President Hakainde Hichilema said in a statement on his Facebook page. Construction will be done in phases, starting with the installation of 500 megawatts, Hichilema said. MoU & Joint Development Agreement signed today will see @ZescoL partner with @Masdar to develop large-scale solar projects across the country, starting with installation of 500MW. This unprecedented US$2billion capital injection shows strong investor confidence in #Zambia. #CMO pic.twitter.com/foLJNSJ3fb — Hakainde Hichilema (@HHichilema) January 17, 2023 “This is not a loan but a capital injection in which the Zambian people, through Zesco, will be partners in shareholding,” he said. Zambia, Africa’s second-biggest copper producer, has an installed electricity generation capacity of 3,500 megawatts. The country is currently suffering rolling blackouts lasting as long as 12 hours a day after water levels in the Kariba Dam — used by the nation and neighboring Zimbabwe to generate hydropower — declined drastically. Read: Abu Dhabi’s Masdar inks agreement to develop solar plant in Turkmenistan Tags Africa Solar Plant UAE Zambia 0 Comments You might also like UAE’s non-oil business activity picks up in April, S&P Global says e& Group refutes report of potential United Group deal UAE leaders mourn passing of Sheikh Tahnoun bin Mohammed UAE announces remote work for public sector workers, MoHRE advises flexible work for private sector