SkyPower Global and ZESCO Seal 1000 MW Solar Power Purchase Agreement, Amplifying Zambia’s Renewable Energy Capacity
April 26, 2024
Lusaka, Zambia - SkyPower Global, a global leader in large-scale solar energy solutions, and Zambia Electricity Supply Corporation (ZESCO), today announced the signing of a landmark 1000 MW Power Purchase Agreement (PPA). This major agreement is a pivotal component of Zambia's Integrated Renewable Energy Plan, designed to significantly enhance the nation's renewable energy capacity to support sustainable growth.
His Excellency, Mr. Hakainde Hichilema, President of the Republic of Zambia, emphasized the strategic importance of this initiative: "The Green Giant Zambia project is a crucial component of our Integrated Renewable Energy Plan, especially in the context of our current drought owing to climate change. This initiative aims to substantially increase our renewable capacity to address both current and future energy needs as Zambia aims to increase industrial productivity and fulfill our aspiration to attain over 3 million metric tonnes of annual Copper production."
The ceremony featured key insights from Michael Prest, Country Manager and Special Advisor to SkyPower, and Engineer Victor Benjamin Mapani, Managing Director of ZESCO, who shared their perspectives on this groundbreaking partnership.
Michael Prest commented, "The Green Giant Zambia initiative is a monumental step towards a sustainable future. By leveraging cutting-edge solar technology and our collective expertise, we are set to dramatically transform Zambia’s energy landscape, making it a model for renewable energy development worldwide."
Engineer Victor Benjamin Mapani, Managing Director of ZESCO, said, "This agreement with SkyPower Global is a testament to ZESCO's commitment to transforming Zambia into a hub for renewable energy in Africa. The Green Giant Zambia project will not only secure energy for millions but also bolster our national grid with sustainable, clean power."
Kerry Adler, Founder, President and Chief Executive Officer of SkyPower Global Group of Companies, remarked, “With Green Giant Zambia, we are not just producing renewable energy; in line with H.E. President Hakainde Hichilema’s vision and goals for Zambia. Together, we are also cultivating jobs, and sustainable infrastructure that will benefit generations. Green Giant Zambia is a beacon of progress, symbolizing our joint commitment to the environment and fostering economic growth.”
SkyPower's extensive portfolio, featuring over 10 GW of projects at various stages of development worldwide, and its majority ownership by the CIM Group—a leading real estate and infrastructure investor—illustrate its continued profound commitment to impactful renewable energy projects.
The Green Giant Zambia project is set to supply electricity to approximately 4 million homes and stimulate considerable job creation and infrastructure development, aligning with Zambia's adherence to the United Nations Sustainable Development Goals and establishing Zambia as a regional leader in renewable energy.
About SkyPower Global:
SkyPower has earned the enviable track record and global recognition as one of the largest and most successful Independent Power Producers (IPP) that develops, finances, builds, owns and operates utility-scale renewable power projects across the globe.
SkyPower has developed an extensive pipeline of projects exceeding 10GW, which are at various stages of development, construction, and/or operation. This geographically diverse pipeline spanning four continents highlights SkyPower’s global commitment to addressing Climate Change by deploying large utility-scale solar energy projects which also serve as a significant catalyst for economic growth and job creation in strategic geographies around the world.
SkyPower has developed over 30 Utility-Scale Renewable Energy Projects currently in operation across the globe and contracts amounting to more than USD $30 billion in long-term renewable energy sales to leading utilities and governments worldwide. Adding to its robust profile, SkyPower is majority-owned by the CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests.
