British Companies to Invest $2 Billion in Zambia’s Energy Industry
Seven companies from the United Kingdom have committed to investing $2 billion to establish renewable energy projects in Zambia, which are expected to generate 2,000 megawatts of electricity.
British High Commissioner to Zambia, NICHOLAS WOOLLEY, reported that the companies from the United Kingdom are currently carrying out feasibility studies and seeking regulatory approvals before proceeding with their projects.
Mr. WOOLLEY revealed that the companies are planning to establish solar and wind energy projects in various regions of the country, which will produce power to be sold to the country’s Electricity supplier ZESCO (Zambia Electricity Supply Cooperation)
British envoy informed that the 2,000 megawatts will be ready to be added to the national grid within the next 2 to 5 years.
And Head of Economic Development and Green Growth at the British High Commission in Zambia, SARAH BLOOM, stated that the country’s energy sector needs a lot of regulatory reforms for it to attract more investment.
Ms. BLOOM pointed out that tariffs need to be attractive and that ZESCO should be in a good financial situation in order to purchase power from independent producers.
Meanwhile Special Assistant to the President for Finance and Investment, JITO KAYUMBA, said that President HAKAINDE HICHILEMA is determined to reform the energy sector to make it more enticing to investors.
Mr. KAYUMBA stated that the government is working towards attracting more investments in the sector to achieve energy surplus in the coming five years.
He emphasized that the current energy crisis has highlighted the urgent need to increase the amount of energy the country produces to surpass the demand.
The seven British firms that are investing in Zambia are Hive Green, Western Power, Buffalo Energy, Africa GreenCo, First Quantum Minerals Solar Energy, Vitalite Solar, and Solar Aid.
