UAE government-owned renewable energy company Masdar and Zambia’s state-owned energy company ZESCO signed on 18th January 2023 a Memorandum of Understanding (MoU) and a Joint Development Agreement to develop 2 GW of solar energy in Zambia.
The project worth USD 2 billion will be developed in phases over 5 years, starting with the installation of 500 MW.
ZESCO explains that the development of clean sources of energy complementary to hydropower is a matter of urgency and one of great importance to diversify its energy generation portfolio.
Hydropower generation has seasonally failed to yield adequate power to meet Zambia’s energy demand due to the decline of rainfall occasioned by climatic change, resulting in electricity rationing.
Zambia’s installed electricity capacity stands at 2,800 MW, of which 85% is hydro based.
National access to electricity averages 31%, with 67% of the urban population and 4% of the rural population having access to power.
The Government of Zambia (GoZ) set a goal for universal electricity access for all Zambians by 2030.
Established in 2006, Masdar took a leadership role in the global clean energy sector and also helped to drive the nation’s economic diversification and climate action agenda.
According to its CEO, the company has the right capital and fuel to accelerate the deployment of renewable energy.