Two billion dollars are being invested by seven British corporations in Zambian renewable energy projects that would generate 2000 Megawatts of power.
The British corporations are presently completing feasibility studies and applying for regulatory permits before they can begin their projects, according to NICHOLAS WOOLLEY, the British High Commissioner to Zambia.
According to Mr. WOOLLEY, the companies intend to establish solar and wind energy projects across the nation that will generate electricity that will be sold to ZESCO.
The two thousand megawatts will be prepared to be added to the national grid in the next two to five years, according to the British envoy.
SARAH BLOOM, Head of Economic Development and Green Growth at the British High Commission in Zambia, also asserts that for the country’s energy industry to draw in greater investment, significant regulatory reforms are required.
According to Ms. BLOOM, ZESCO must have favorable rates and be in a sound financial position in order to purchase power from independent producers.
President HAKAINDE HICHILEMA is dedicated to overhauling the energy sector in order to make it more appealing to investors, according to JITO KAYUMBA, Special Assistant to the President for Finance and Investment.
According to Mr. KAYUMBA, the government is aiming to increase sector investment in order to reach energy surplus in the next five years.
He claims that the nation’s urgent need to enhance energy production in order to meet demand has been brought to light by the current energy crisis.
Hive Green, Western Power, Buffalo Energy, Africa GreenCo, First Quantum Minerals Solar Energy, Vitalite Solar, and SolarAid are the seven British companies that are set to invest in Zambia.