Zambia Utility, Bank and GreenCo Sign Renewable Energy Deal

Zambia’s state power utility ZESCO, Stanbic Bank Zambia and GreenCo Power Services have signed an agreement to develop renewable energy projects under a new initiative called ZAMWATT.

The Memorandum of Understanding is aimed at strengthening energy security, attracting investment and supporting Zambia’s shift towards cleaner power.

Speaking at the signing ceremony in Lusaka, ZESCO acting managing director Francis Namakanda said the partnership would unlock new investment opportunities and accelerate the deployment of renewable energy projects across the country.

He described the deal as a shared commitment to innovation, collaboration and sustainable development in Zambia’s energy sector.

Stanbic Bank Zambia chief executive Mwindwa Siakalima noted that the lender would continue backing projects that support economic growth, infrastructure development and environmental sustainability.

He added that the ZAMWATT initiative fits with the bank’s wider goal of driving inclusive growth.

GreenCo chief executive Wezi Gondwe said the collaboration marked an important step towards expanding market-based renewable energy solutions in Zambia and the wider region.

He said the company remained committed to supporting innovative energy trading systems and encouraging greater private sector involvement in clean energy development.

Director in the Ministry of Energy Sivena Kambenja, who represented the minister, welcomed the partnership and said it was in line with government efforts to expand access to clean, reliable and affordable electricity.

The agreement comes as Zambia seeks to diversify its power mix and reduce pressure on its electricity system.