Maravi

(TIMES) Kafue Gorge power project to cost $1bn

Kafue Gorge power project to cost $1bn
By Business Reporter

CONSTRUCTION of the Kafue Gorge Lower Hydroelectricity facility will cost over US$1 billion and development partners have been called upon to support the Government in mobilising the money for the project. Energy and Water Development minister, Kenneth Konga, said the Government alone was not in a position to mobilise the huge financial resources required for the project.

The minister was speaking in Lusaka yesterday at the launch of the provision of advisory services by the International Finance Corporation (IFC) to the Zambian Government on the development of Kafue Gorge Lower Hydroelectricity project.

“I wish to call upon development partners to support this effort by the Zambian Government to implement the project because the country in particular and the region at large is going through a challenging period as far as power generation is concerned.

The deficit being experienced can only be resolved if all the stakeholders come together and pull in the same direction,” Mr Konga said.
The project will have an installed capacity of 900 megawatts.

It is expected that the provision of the advisory services by IFC would culminate into the successful procurement of a developer who will in turn construct the power station

The entire process up to the point of signing a contract with a developer will take about 24 months.

IFC senior investment officer from the advisory services (Africa Department) Emmanuel Nyirinkindi said his organisation was committed to providing professional and quality services for the undertaking.

Finance and National Planning minister, Ng’andu Magande, said the fiscal space created by the debt relief extended to Zambia would enable the country repay the loan for the project.

Africa Development Bank (ADB) task manager Mike Salawou expressed optimism that, once completed, the project would meet the energy needs for Zambia and the region.

Labels: ENERGY

posted by MrK @ 12:02 AM