Zambia is taking a major step toward expanding its renewable energy sector after ZESCO Limited, Stanbic Bank Zambia Limited, and GreenCo Power Services Limited signed a Memorandum of Understanding to launch the ZamWatt initiative. The new program is aimed at supplying reliable and clean electricity to Zambia’s commercial and industrial sectors while supporting the country’s broader energy transition goals.
The partnership comes at a time when demand for stable electricity is increasing across Zambia’s industrial sector. Through ZamWatt, the partners plan to create a large renewable energy portfolio that will combine solar, wind, and hydropower projects. These renewable assets will also be supported by battery energy storage systems to ensure uninterrupted and competitively priced electricity for large energy consumers.
By combining different renewable technologies, the project aims to reduce the impact of power generation fluctuations that are common with standalone renewable systems. The integrated model is expected to provide industries with a more stable electricity supply while also helping improve the reliability of Zambia’s national grid.
Each organization involved in the partnership will play a specific role in the project’s development and operation. ZESCO will contribute its existing transmission infrastructure and will also purchase part of the electricity generated through the initiative. In addition, the utility will provide essential system services required to transport electricity to customers across the country.
Stanbic Bank Zambia will focus on financing and commercial structuring for the initiative. The bank will also help identify and engage potential corporate customers that require long-term renewable energy supply solutions. GreenCo, on the other hand, will manage operational responsibilities such as scheduling, metering, wheeling coordination, and financial settlement processes.
To oversee the implementation of the initiative, the three partners have established a joint steering committee that will guide the project’s technical, commercial, and regulatory planning. The agreement, originally signed in March 2026, has been described by the partners as a strong example of collaboration between the public and private sectors.
ZESCO Managing Director Engineer Justin Loongo said the partnership demonstrates how public infrastructure and private innovation can work together to strengthen Zambia’s energy sector. Stanbic Bank Zambia Chief Executive Mwindwa Siakalima stated that the initiative is designed not only to provide financing but also to create long-term economic growth opportunities for businesses. GreenCo Managing Director Wezi Gondwe added that the project could unlock significant new renewable energy capacity tailored to the needs of industrial users. Overall, ZamWatt is expected to play an important role in supporting Zambia’s clean energy future and industrial development.
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