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South Korean energy company, KS Eco Solutions Holding Limited, has announced it is finalising the signing of a Power Purchase Agreement with ZESCO Limited for the development of a 500 megawatt solar power plant in Zambia.
Company Chief Executive Officer Professor Ma Hong-il reaffirmed the firm’s commitment to supporting Zambia’s renewable energy ambitions and meeting the increasing power demands of the mining and industrial sectors.
Ma said this in Lusaka on Tuesday during a courtesy call on Secretary to the Cabinet, Patrick Kangwa, to discuss the proposed 500MW solar project and broader investment opportunities in Zambia’s energy sector.
The KS Eco Solutions Holding Limited delegation led by Ma was accompanied to the meeting by Zambia’s Ambassador to South Korea, Andrew Banda.
He also expressed the company’s interest in exploring additional investment opportunities in Zambia beyond the energy sector.
During the meeting, Kangwa welcomed the Korean investors and commended Banda for facilitating the engagement.
He emphasised Government’s commitment to increasing electricity generation to 10,000 megawatts to meet rising national demand and support Zambia’s economic transformation agenda.
“Zambia’s target of producing three million metric tonnes of copper annually by 2031 will require approximately 8,000 megawatts of electricity to power mining operations and industrial activities,” Kangwa said.
He described the proposed 500MW Solar Power Project as a timely and strategic investment that will help strengthen the country’s energy security and drive industrial growth.
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Kangwa reaffirmed Government’s commitment to creating a favourable investment climate through policy, regulatory, and institutional reforms aimed at improving the ease of doing business and attracting quality investments.
Meanwhile, Ambassador Banda highlighted the Embassy’s active role in promoting Zambia as a preferred investment destination in South Korea and fostering stronger economic partnerships between the two nations.
“South Korea’s impressive economic transformation, built on industrialization, technological advancement, and strategic energy investments, offers valuable lessons for Zambia’s development aspirations,” he said.
“The proposed solar power project reflects growing confidence among Korean investors in Zambia’s economic potential and investment environment,” Banda said.
Republic of Korea Honorary Consul to Zambia Robinson Zulu welcomed the engagement between the investors and Government officials and encouraged swift implementation of investment projects beyond the signing of agreements.
He emphasised that Zambia had established strong legal and regulatory frameworks to safeguard investments.
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