Hungary-based EnerSynk Group today announced the signing of a 25-year Power Purchase Agreement (PPA) with ZESCO Limited for the development of a 500 MW utility-scale solar power project in Zambia’s Copperbelt Province.
The agreement marks a major milestone in the development of the project and reflects EnerSynk Group’s long-term commitment to supporting Zambia’s energy security, economic growth and diversification of its power-generation mix.
The project is planned for development in phases and is expected to supply electricity into Zambia’s national power system.
Jason Temasfieldt, Founder and Executive Chairman of EnerSynk Group, said: “Today represents an important milestone not only for EnerSynk, but for the long-term partnership we want to build with Zambia.
“We have tremendous respect for Zambia, its people and its potential. Our ambition goes beyond developing a single solar project. We want to become a trusted long-term partner — bringing together international capital, technology, expertise and partnerships to help develop the energy infrastructure Zambia needs for its next chapter of economic growth.”
The signing comes as Zambia continues efforts to increase electricity generation, strengthen energy security and attract greater private-sector investment into the power sector.
Zambia Development Agency Director General Albert Halwampa said: “Projects of this nature are important to Zambia’s efforts to expand electricity generation and strengthen energy security. Private-sector investment will be critical to achieving our national energy ambitions, and we welcome investors who are prepared to develop projects that contribute to reliable power supply, economic growth and the diversification of our energy sector.”
If you missed it: Hungarian government announces one of the country’s largest renewable energy investment programmes in decades
Bishop Joshua Banda, EnerSynk Group’s Strategic Advisor in Zambia, said: “This is more than an energy project. It is an investment in Zambia’s future. Reliable electricity supports industry, businesses, families and communities, and we look forward to seeing this project contribute meaningfully to the country’s development.”
The Power Purchase Agreement establishes the commercial framework for the sale of electricity generated by the project to ZESCO over a 25-year period.
EnerSynk Group will now advance the project through its next stages of development, including technical studies, environmental and regulatory processes, project financing and implementation in collaboration with relevant government institutions, stakeholders, investors and technical partners.
“There is still important work ahead,” Temasfieldt added. “But today is an opportunity to recognise how far we have come and to thank ZESCO, the Government of Zambia, the Zambia Development Agency, the Energy Regulation Board, our local partners and everyone who has helped bring the project to this milestone.”
Upon completion, the project is expected to rank among Zambia’s largest utility-scale solar installations and contribute significant new generation capacity to the national electricity system.
The project forms part of EnerSynk Group’s wider strategy to develop reliable, sustainable and scalable energy infrastructure across Africa.
Never miss a headline: join Daily News Hungary’s official Telegram channel!
Featured image: illustration, Pixabay
