HH Instructs Banks to Invest In Solar Energy

President Hakainde Hichilema has asked commercial banks to invest in solar energy projects to  support the  government’s ambitions of diversifying Zambia’s energy infrastructure and making it more resilient.

Speaking at a meeting with bank chief executives in State House yesterday, the President said energy generation could not be left up to Zesco alone and that all businesses have to do their bit.

“I would like you to encourage your boards to walk this path with this Government, in terms of energy sufficiency and, more importantly, surplus so that we can return to exporting,” he said.

The meeting focussed on the President’s ‘Solar Explosion’ initiative, which was launched in response to energy shortages brought about by the El Niño drought in 2024. As part of this strategy, government has removed import duties on solar panels and other equipment to encourage citizens and businesses to generate their own electricity.

Last month, ZESCO signed 29 power purchase agreements with independent power providers across the country, adding 332MW of solar capacity to the grid. Meanwhile, the Chisamba Solar Plant, set to be the largest single site solar plant in Zambia, is nearing completion and will add a further 100MW of power from May. 

The ‘Solar Explosion’ initiative is aimed at diversifying Zambia’s energy mix and reducing reliance on hydroelectric power which is impacted by climate change. By supporting private sector involvement and investment in power generation, President Hichilema is securing reliable, affordable electricity for all Zambians in the future.