Zambia's CEC to invest $500 million in power projects to increase transmission
LUSAKA, March 24 (Reuters) - Zambia's Copperbelt Energy Corp. (CECZ.LZ), opens new tab will invest $500 million over the next two years to increase its solar power output and double the capacity of a power transmission line to Democratic Republic of Congo, a senior company official said on Monday.
Copperbelt Energy Corporation (CEC) owns the sole power transmission line between Congo and the Southern African Power Pool (SAPP).
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Chief Financial Officer Mutale Mukuka said CEC wanted to attract investors to finance the projects as the country emerges from a four-year sovereign debt default.
"We're looking to invest around $500 million over the next two years and most of this financing will come from third party financiers," Mukuka told Reuters.
"We'll invest quite heavily in transmission projects to make sure that power from (new projects) can reach consumers," he said.
Developers are showing interest again in Zambia's energy projects after the country emerged from a sovereign default and following an El Niño-induced drought which wiped out 70% of power generation.
CEC also plans to bolster the power transmission line between Zambia and Congo to 550 megawatts (MW) from 250 MW currently.
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