To produce 2,400 Megawatts of renewable energy valued at US$3.5 billion, ZESCO Limited and Integrated Clean Energy Power Company Ltd. (CiEG) have signed a Power Purchase Agreement (PPA).
The promised US $3.5 billion investment will be implemented over the course of three years in four provinces in phases totaling 600–800MW, commencing this year with 300MW in the Southern Province and 300MW in the Central Province.
This large Chinese FDI into Zambia is evidence of the two nations’ renewed and improved relations for their mutual interests, which trace back to their two founding fathers, Chairman Mao and Dr. Kenneth Kaunda.
The promised investment follows an earlier US$2.5 billion investment in 2,000 MW of electricity by Masdar of the United Arab Emirates.
This demonstrates the New Dawn Government’s steadfast commitment to achieving energy security for the domestic economy and an energy surplus to support expanded exports as part of fostering export diversification and boosted foreign exchange profits.
According to a statement sent to Mwebantu by Clayson Hamasaka, Chief Communications Specialist for the State House.