Zambia is in advanced discussions with South Korean investors over a proposed 500MW solar power project valued between US$700 million and US$900 million. If approved, the project could become one of the country’s largest solar energy investments.
The proposal was presented on June 15 during a trade and investment mission led by a South Korean delegation. The project would be developed in ten phases of 50MW each and would use South Korean solar photovoltaic technology, with implementation involving both Korean and Zambian technical teams.
The proposed investment follows recent meetings between Zambian and South Korean officials in Seoul aimed at strengthening economic cooperation. As part of the investment mission, KS Eco Solutions Holdings Limited is expected to hold talks with Zambia’s state-owned utility ZESCO on a possible Power Purchase Agreement, which would be a key step before construction can begin.
If implemented, the project would significantly expand Zambia’s non-hydropower generation capacity. It would also support the country’s efforts to diversify an electricity system that remains heavily dependent on hydropower.
The need for alternative energy sources has become more urgent after severe drought conditions in 2024 reduced water levels at major reservoirs and caused widespread power shortages across Zambia. These challenges have increased pressure on the government to attract private investment in solar and other renewable energy projects.
Growing electricity demand from the mining sector, industry and expanding urban centres has further strengthened the case for new generation capacity. Renewable energy expansion is also seen as important for supporting industrialisation and increasing copper production.
The proposed 500MW solar project aligns with Zambia’s broader strategy to improve energy security, reduce reliance on hydropower and build resilience against climate-related disruptions. If finalized, the investment could play a major role in strengthening the country’s renewable energy sector and supporting long-term economic growth.
