Zesco $519m solar deal

500MW Copperbelt project to boost power supply MAZOMBWE BANDA, PHILIP CHISALU Lusaka ZESCO Limited and Hungary based climate infrastructure platform Enersynk Group have signed a US$519 million power purchase agreement (PPA) for a 500-megawatt solar photovoltaic project in…

• 500MW Copperbelt project to boost power supply

MAZOMBWE BANDA,

PHILIP

CHISALU

Lusaka

ZESCO Limited and Hungary based climate infrastructure platform Enersynk Group have signed a US$519 million power purchase agreement (PPA) for a 500-megawatt solar photovoltaic project in Copperbelt Province, in a major investment expected to support the Government’s Grow Zambia Agenda and strengthen the country’s energy security.

The project, with a total contracted capacity of 500MWAC, is expected to facilitate rapid integration of clean energy into the national grid while contributing to Zambia’s ambition of achieving universal access to electricity by 2030.

The development will be implemented in three phases, with the first 300MW targeted for commercial operation within 16 months of the effective date.

The second phase, comprising 100MW, is expected within 22 months, while the final 100MW will be delivered within 28 months.

Speaking during the signing ceremony in Lusaka yesterday, Zesco acting managing director Fitzpatrick Kapepe said 50 percent of environmental credits generated by the project will be allocated to a dedicated community trust fund.

Mr Kapepe said the fund will be jointly administered by Zesco and Enersynk in line with International Finance Corporation Performance Standard 1 and will directly support social and economic development in communities hosting the project.

He said the 25-year agreement demonstrates long-term confidence in Zambia’s energy sector and sent a positive signal to other potential investors.

Mr Kapepe added that the project represents a significant expansion of cooperation between Zambia and Hungary in renewable energy and infrastructure development.

Zesco and Enersynk, he said, have committed to satisfying all conditions precedent within 12 months to achieve financial close and commence construction.

The project is also expected to create opportunities for local employment, skills development, subcontracting and procurement of goods and services.

Enersynk Group founder and executive chairman Jason Temasfieldt reaffirmed the company’s commitment to investing in Zambia and strengthening economic relations between Zambia and Hungary.

He thanked Chieftainess Malembeka for providing land for the project.

Enersynk chief operating officer Arnaud Marolleau also thanked Government and the company’s strategic adviser, Bishop Joshua Banda, for supporting the agreement.

Meanwhile, Zambia Development Agency director general Albert Halwampa described Zambia’s peace and stability as a major advantage for investors and urged financiers to take advantage of the country’s conducive business environment. https://enews.daily-mail.co.zm/welcome/home