UK-based Solarmaax Ltd has announced plans to develop a 500-megawatt solar power plant in Solwezi, North-Western Province, through a joint venture with Zambia's Hometown Harvest Ltd.
The company said the project, expected to become Zambia's largest solar power plant once completed, will cover about 1,000 hectares and increase the country's renewable energy generation capacity.
Solarmaax said it has already signed a 25-year Power Purchase Agreement (PPA) with ZESCO after securing an agreed electricity tariff for the project.
The company also announced that US$600 million has been secured from Champlain Trading to finance the development, with project implementation expected to begin once final arrangements with contractors and suppliers are completed.
Solarmaax Chairman Anthony Fiddy said the company was confident in the project's success and described the agreement as a major milestone in expanding clean energy generation in Zambia.
The company thanked the Government of Zambia, the Ministry of Energy, the Zambia Development Agency (ZDA), the Energy Regulation Board (ERB) and the Zambia Environmental Management Agency (ZEMA) for supporting the project.
Solarmaax also acknowledged its local partner, Hometown Harvest Ltd, Zambia's High Commissioner to the United Kingdom Macenje Mazoka and Champlain Trading for their contributions to the project.
The 500MW solar plant is expected to strengthen Zambia's electricity supply while supporting the country's transition to renewable energy and sustainable economic growth.
[Brave Heart News | UnlockingMinds]
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