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Investors are increasingly backing mining-linked and bankable power projects in Zambia as more than US$12 billion in mining investment since 2022 drives demand for reliable electricity, Kanona Board Chairperson, Padmore Muleya, has said.
He told audience at the Investing in African Mining Indaba that the scale of recent mining commitments would require far more power than Zambia has previously needed, adding pressure on generation, transmission and last-mile supply infrastructure.
Zambian President Hakainde Hichilema said in his opening address on Monday that more than US$12 billion in new foreign investment had flowed into the country since 2022, largely into mining ventures supported by strong global copper demand.
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Muleya said energy investors in 2026 were prioritising projects with short time-to-cash flow and clear revenue visibility.
He said these included mining-anchored supply models, renewable energy projects supported by storage or hybrid systems, and new transmission and interconnector lines that open regional power trade.
Muleya said Kanona was helping clients accelerate project development by conducting early technical studies, structuring bankable power-purchase and wheeling agreements, and using its client base to strengthen off-taker assurance.
He added that higher copper prices, despite recent volatility, were supporting expansion plans in Zambia and the Democratic Republic of Congo’s Copperbelt, with major mining houses committing capital to exploration and large-scale projects.
Financiers, he said, remained focused on power projects with credible off-takers, firm grid access and strong execution capacity.
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