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ZESCO Limited, Stanbic Bank Zambia and GreenCo Power Services Limited have signed an agreement to jointly develop and implement a portfolio of renewable energy projects in Zambia.
Branded ‘ZamWatt’, the programme will combine significant new solar, wind, and hydro generation capacity, complemented by battery storage systems.
The three firms signed the agreement in Lusaka on Thursday, witnessed by the Ministry of Energy at the Stanbic Headoffice.
The programme will utilise ZESCO’s extensive transmission network, Stanbic’s financial structuring and capacity, and GreenCo’s operational expertise and energy trading capability to deliver reliable, competitively priced electricity to large commercial and industrial customers across the country.
The ZamWatt initiative brings together Zambia’s national utility, one of Africa’s leading financial institutions, and a pioneering renewable energy intermediary to address the country’s growing demand for clean, dependable power.
By pooling generation and demand under a single coordinated structure, ZamWatt provides a scalable, bankable route for accelerating renewable energy deployment and supporting Zambia’s industrial development.
Under the the agreement, each party contributes distinct capabilities to the partnership.
ZESCO, in its capacity as the national utility, will off-take a portion of the power generated by ZamWatt projects and provide transmission and system services to enable the remaining power to be wheeled to end customers.
Stanbic Bank will support the development, structuring and financing of the ZamWatt projects, identifying and matching suitable large commercial and industrial off-takers with available generation capacity.
GreenCo will serve as the operational agent for the portfolio, providing the scheduling, wheeling coordination, metering, and reconciliation services that ensure contracted energy is reliably delivered and accurately settled across all parties.
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The parties have established a joint steering committee that meets every two weeks and when needed to progress technical, regulatory, and commercial workstreams and develop a detailed roadmap for project implementation.
The agreement which was executed in March 2026, reflects the shared commitment of all three parties to accelerate Zambia’s energy transition while strengthening the national grid and expanding access to reliable power in country.
“This collaboration demonstrates the strength of what can be achieved when the public sector and innovative private partners work together to bring new renewable generation capacity onto the national grid and supporting Zambia’s industrial growth while strengthening the energy system,” said Justin Loongo, Managing Director, ZESCO.
Loongo noted that Zambia’s commercial and industrial sector had long needed a structured, scalable route to reliable clean power and ZamWatt is designed to deliver exactly that.
“As financiers, our role goes beyond providing capital: it is about identifying the right structures and the right partners to ensure that investment translates into real economic growth for Zambian businesses and communities,” Mwindwa Siakalima, Chief Executive, Stanbic Bank Zambia Limited.
Siakalima said the partnership was a strong signal of the bank’s long-term confidence in Zambia’s energy future.”
He said ZamWatt represented exactly the kind of collaborative, market-building approach that Zambia’s energy sector needs.
Wezi Gondwe, Managing Director of GreenCo Power Services said by combining ZESCO’s system infrastructure, Stanbic Bank’s financing capability, and GreenCo’s operational and trading expertise, the country can unlock significant volumes of new renewable energy.
“We can deliver it to industrial customers in the form they need as reliable, shaped supply profiles. This is what it takes to make clean energy a genuine engine for industrial growth,” Gondwe said.
Meanwhile, Ministry of Energy Director planning and Information Sineva Kambenja said the agreement reflected the kind of public-private partnership that the New Dawn Government continued to encourage.
Kambenja said the Government alone could not meet all the investment requirements of the energy sector and at the same time, private sector participation should be supported by clear policy direction, effective regulation and strong public institutions.
“When these elements come together, we create the right environment for investment, innovation and delivery. Through this partnership, ZESCO will provide its national transmission infrastructure, system experience and related services,” he said.
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