UAE to Invest $2 Billion in Solar Power in Zambia
- The said investment is anticipated to enhance the power generation base the southern African country by majority.
- First, 500MW of solar energy will certainly be established in the scheme of things.
In a bid to step-up the renewable energy development in the resource-scare continent of Africa, UAE has signed a key agreement with Zambia to give $2 billion for the development of solar energy plants. The stated investment is expected to enhance the power generation base the southern African country by more than half.
Zambia President Hakainde Hichilema claimed on Twitter that an MoU and also a Joint Development Agreement were authorized in between the two countries. Under the scheme of points, a joint venture will certainly be produced between Zesco and also Masdar that will target the development of 2,000 MW of solar power projects in Zambia.
Zesco is state-owned power utility of Zambia and Masdar is UAE government-owned renewable resource company. The construction of the solar projects in Zambia will certainly happen in different stages. First the joint venture will certainly setup 500MW of solar power. The financial support from UAE is not a funding in nature yet a capital mixture and Zambia will certainly have a shareholding as partners.
Currently, Zambia is creating concerning 3,500 MW of power. Since the water levels have gone down in the in the Kariba Dam, the power manufacturing has lowered as well as the cities as well as commercial locations in Zambia are suffering from rolling blackouts that would certainly commonly last as long as 12 hrs a day.
President Hichilema said, "The historic significance of this project is that, in the last 58 years of our self-reliance, the country just developed 3,500 megawatts of power. This remarkable investment will bring in the much required 2000 megawatts, within a shorter time period."
Zambia is popular as top provider of copper across the globe. The President stated, "We are changing our little or artisanal mining industry from the demeaning circumstance where they were being labelled prohibited miners (jerabos) to an environment where they can acquire licences, assisted with some capital and equipment and also provide prepared market for them within the vicinity of their operations."
Last year, Chariot Ltd and Total Eren signed a deal with First Quantum Minerals Ltd that to help the development of a 430 MW renewable power complex to help First Quantums' mining procedures in Zambia.
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