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President Hakainde Hichilema has urged financial institutions to form consortiums to build capacity for funding large-scale solar projects, as Zambia pushes to generate 1,000 megawatts of solar power by the end of 2025.
Speaking during a meeting with the Solar Energy Explosion Financing Group at State House on Thursday, Hichilema stressed the need to restore electricity sufficiency for both domestic use and exports to neighboring countries.
“We need to go back to the days before the droughts when we had enough power for both domestic and foreign use,” he said.
Hichilema noted that electricity generation was no longer limited to ZESCO, with private players now contributing to the sector.
He reaffirmed government’s commitment to economic growth, which he said would lead to job creation.
Hichilema also highlighted the importance of debt restructuring, which he said had helped stabilise the country.
“We aim to improve economic growth that will trickle down to employment and a better quality of life for our people,” he added.
The President urged private sector stakeholders to fast-track efforts toward energy efficiency and sustainability amid shifting global economic conditions.
“I encourage the private sector and energy stakeholders to move in quickly and ensure that we meet the 1,000-megawatt target as planned,” he said.
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Minister of Energy, Makozo Chikote, echoed Hichilema’s sentiments, emphasizing that solar energy was the fastest and most viable solution to Zambia’s current power deficit.
“We are prioritizing solar power because it offers an immediate and sustainable response to the ongoing energy crisis,” Chikote said.
ZESCO Managing Director, Justin Loongo, revealed that despite solar investments, Zambia still relied on hydroelectric power for 85 percent of its supply.
Loongo noted that drought had significantly reduced hydropower production, causing a deficit of over 1,400 megawatts in the past year.
“The impact of the drought on hydro generation has been severe, and we must act fast to diversify our energy sources,” he said.
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