EFFORTS TO ADDRESS ZAMBIA'S ENERGY CRISIS WITH NEW 300-MEGAWATT POWER PLANT FINANCING HAILED

 Former Energy Minister David Mabumba says the conclusion of the agreement between Zambia Consolidated Copper Mines-Investments Holdings -ZCCM-IH- PLC and Maamba Collieries Limited with its lenders to finance the construction of an additional 300-megawatt power plant will help in addressing Zambia’s energy crisis.

ZCCM-IH and Maamba Collieries have secured financing from anchor lenders to construct and install an additional 300-megawatt power plant, expected to be completed within 24 months, at an estimated cost of $400 million, with approximately $300 million funded by a consortium of lenders.

Commenting on the development, Mr. Mabumba stressed the importance of expanding power generation, transmission, and distribution infrastructure across Zambia.

He says with the broader economic benefits tied to reliable electricity supply by increasing power generation capacity, this project can promote industrialization, attract investment, and improve the livelihoods of citizens.

And Energy Expert Johnstone Chikwanda expects the projected construction to be expedited to meet the broader needs of the country amidst the climate change impact on the energy sector.

Dr. Chikwanda is elated that the project will leverage coal resources to ensure sustainable energy production, thereby diversifying Zambia’s energy mix and reducing reliance on hydroelectric power.