Zambia Launches ZAMWATT Initiative to Accelerate Renewable Energy Development
In a move designed to bolster the country’s clean‑energy transition, Zambia’s national power utility ZESCO Limited, Stanbic Bank Zambia, and GreenCo Power Services Limited have signed a Memorandum of Understanding (MoU) to jointly develop and implement a portfolio of branded renewable‑energy projects under the name ZAMWATT. The agreement was formalised at Stanbic Bank’s head office in Lusaka on 3 November 2025, marking a concrete step toward the government’s goal of expanding access to reliable, affordable, and sustainable electricity.
Partnership Details and Objectives
The MoU outlines a collaborative framework that brings together each partner’s core strengths:
- ZESCO Limited contributes its extensive transmission and distribution network, operational expertise, and mandate to ensure nationwide power supply.
- Stanbic Bank Zambia provides financing structures, risk‑management capabilities, and a track record of funding infrastructure projects that support inclusive growth.
- GreenCo Power Services Limited offers market‑based renewable‑energy solutions, experience in energy‑trading platforms, and facilitation of private‑sector participation in clean‑energy ventures.
The primary aims of the ZAMWATT portfolio are to:
- Increase the share of solar, wind, and small‑hydro generation in Zambia’s electricity mix.
- Attract domestic and foreign investment by de‑risking project preparation through standardized contracts and transparent procurement.
- Strengthen energy security by diversifying supply sources and reducing reliance on fossil‑fuel‑based generation.
- Support the Ministry of Energy’s long‑term development agenda, which targets universal electricity access by 2030 and a 30 % renewable‑energy contribution to the national grid by 2035.
Statements from Key Leaders
During the signing ceremony, Eng. Francis Namakanda, Acting Managing Director of ZESCO Limited, highlighted the strategic nature of the alliance:
“This agreement reflects a shared commitment to transforming Zambia’s energy sector through innovation, collaboration, and sustainable development. By pooling our resources, we can open up new investment opportunities, accelerate the deployment of renewable energy, and strengthen infrastructure development across the country.”
Eng. Francis Namakanda, Acting MD, ZESCO Limited – Stanbic Bank press release, 3 Nov 2025
Mwindwa Siakalima, Chief Executive Officer of Stanbic Bank Zambia, emphasized the bank’s role in financing impactful projects:
“The ZAMWATT initiative aligns with Stanbic Bank’s vision to drive inclusive growth, infrastructure development, and environmental sustainability. We are committed to providing the financial expertise needed to bring bankable renewable‑energy projects to fruition.”
Mwindwa Siakalima, CEO, Stanbic Bank Zambia – Company statement, 3 Nov 2025
Wezi Gondwe, CEO of GreenCo Power Services Limited, pointed to the market‑oriented approach:
“Our collaboration advances market‑based renewable‑energy solutions in Zambia and the wider region. GreenCo will continue to support innovative energy‑trading systems and facilitate private‑sector participation in clean‑energy development.”
Wezi Gondwe, CEO, GreenCo Power Services Limited – Press briefing, 3 Nov 2025
The Director in the Ministry of Energy, Mr. Sivena Kambenja, representing the Energy Minister, welcomed the partnership as a timely intervention that supports the government’s vision for clean, reliable, and affordable energy while strengthening cross‑sector collaboration.
Implications for Zambia’s Energy Landscape
Zambia’s current electricity generation relies heavily on hydropower, which accounts for roughly 80 % of installed capacity but is vulnerable to seasonal rainfall variability. The ZAMWATT initiative seeks to mitigate this risk by integrating solar photovoltaic (PV) and wind projects that can operate complementarily to hydro resources.
According to the International Renewable Energy Agency (IRENA), Zambia could add up to 1 GW of solar PV by 2030 if supportive policies and financing mechanisms are in place. The standardized project templates envisaged under ZAMWATT aim to reduce transaction costs and shorten development timelines, thereby making the country more attractive to independent power producers (IPPs) and development finance institutions.
Furthermore, the partnership’s focus on energy‑trading platforms could enhance market transparency, enable better price discovery, and facilitate the integration of distributed generation—key components of a modern, resilient grid.
Looking Ahead: Next Steps and Challenges
The MoU sets out a phased implementation plan:
- Pre‑feasibility studies for pilot solar and wind sites in the Central and Southern provinces (Q1‑Q2 2026).
- Development of standardized power purchase agreements (PPAs) and grid‑interconnection guidelines (Q3 2026).
- Launch of a financing facility managed by Stanbic Bank to support early‑stage project development (Q4 2026).
- Commencement of construction on the first 50 MW solar farm under the ZAMWATT brand (target 2027).
Potential challenges include securing land rights, ensuring timely grid upgrades, and maintaining policy consistency across electoral cycles. The partners have agreed to establish a joint steering committee that will meet quarterly to monitor progress, address bottlenecks, and adjust strategies as needed.
By leveraging the combined expertise of a state utility, a commercial bank, and a renewable‑energy services provider, Zambia aims to create a replicable model for sustainable energy development that could be adapted by other nations in the Southern African region.
