ZESCO AND MASDAR SIGN MOU AND JDA
The Abu Dhabi Future Energy Company PJSC-MASDAR and ZESCO Limited on Tuesday, January 17, 2023 signed a Memorandum of Understanding and a landmark Joint Development Agreement aimed at developing the renewable energy in Zambia to a total capacity of two Gigawatts to be undertaken in a phased approach starting with the installation of 500 megawatts. The signing of the Memorandum of Understanding and Joint Development will see ZESCO partner with Abu Dhabi Future Energy Company PJSC-MASDAR, a key investment funding entity of the United Arab Emirates form a joint venture in the development and deployment of solar projects across Zambia. Development of other clean sources of energy complementary to hydro energy is a matter of urgency and one of great importance to diversify ZESCO’s energy generation portfolio therefore, this development casts a ray of light on the quest to move away from the legacy of over-reliance on hydro power generation which has seasonally failed to yield adequate power to meet demand resulting from the decline of rainfall occasioned by climatic change. It is anticipated that once these projects are established there will be an improvement in power security resulting in more investments and economic growth for Zambia.