LUSAKA - Zambia plans to build two new hydropower plants that are expected to add a total of 247MW to the national grid and boost regional supply by 2016, a senior executive said
Elisha Tsindikidzo, chief executive of Zambia's Lunzua Power Authority, said the project was estimated to cost $650million (about R4,6billion), which would be raised through debt and equity financing.
The plant, the first large-scale electricity generator in northern Zambia, would supply power to the copper mines and was also expected to feed planned manganese mines, he said.
Tsindikidzo said foreign investors were willing to fund the project because of the power deficit in southern Africa.
"We already mobilised commitments of interest for the financing and new equity partners should come on board by the end of this year," he said.
Preliminary engineering work had already started and construction would begin by 2013, he said.