A Korean delegation is in talks with the Zambian government to build a 500 MW solar project in Zambia. A government ministry says the project is large enough to close a third of the country’s current energy deficit.
Developers from South Korea are planning to build a 500 MW solar project in Zambia.
According to an update shared by Zambia’s Ministry of Information and Media, a delegation from Korea, including Seoul-headquartered energy and infrastructure firm KS Eco Solutions Holding Limited, recently met with Zambian stakeholders and the government of Zambia to discuss a strategic partnership that would see a 500 MW solar project developed in ten phases, each consisting of a 50 MW generation unit.
Installation would be carried out by technical teams from both South Korea and Zambia, the ministry says, while the government would provide the required land. The project would benefit from a long-term power purchase agreement with Zambia’s national power utility ZESCO. At 500 MW, the project is forecast to close a third of Zambia’s current energy deficit once operational.
The ministry has identified the Export-Import Bank of Korea and the Korea Development Bank as potential financing partners. Its update adds that investor confidence is growing in Zambia thanks to more favourable conditions, including a stable and strengthening currency and restored credit ratings.
