The Copperbelt Energy Corporation (CEC) has reportedly announced plans to invest US$500 million over the next 24 months to expand its solar power output and double the capacity of its power transmission line to the Democratic Republic of Congo (DRC).Chief Financial Officer, Mutale Mukuka, stated that the firm aimed to attract investors to finance the project as Zambia recovers from a four-year sovereign default.
Mukuka, as quoted in the daily market update issued by Access Bank Group, said that CEC would invest heavily in transmission projects to ensure that power from new developments could reach consumers.
Developers are reportedly showing renewed interest in Zambia’s energy sector following the country’s exit from sovereign default and an El Niño-induced drought that wiped out 70 percent of power generation.
Company also planned to increase the transmission capacity between Zambia and the DRC to 550 megawatts (MW), up from the current 250 MW.
