Sinohydro Corporation (Sinohydro) has launched $400 million, 360 megawatt (MW) Kariba North Bank power project. This will help in expansion of the power station's generation capacity to a total of 1,080 MW. Export and Import Bank of China has provided 85% of the funding, while the Development Bank of South Africa has provided the remaining 15% for the project.
President Rupiah Banda has launched the Kariba North Bank expansion project, ZNBC radio reported.
ZNBC radio quoted Banda as saying that the government would spend $2 billion in the long term to raise generation capacity for electric power.
In recognition of the role electricity plays in the growth of our economy, a number of generation and transmission projects are in the pipeline for development, Banda said.
Banda said that the country would soon begin construction of a new $400 million Kalungwishi power station which would generate an additional 210 MW in the north of the country, bordering the Democratic Republic of Congo (DRC).
The government had said in 2008 that the Kalungwishi project, to be constructed by the private sector, would serve power to a major sugar plantation and factory planned in the north of the country, some DRC mines and other development projects.
Banda said that Tata Holdings Africa Ltd. would soon start building the Itezhi-Tezhi power station in partnership with Zesco. The plant will cost over $200 million to generate 120 MW of power.
The government shall prioritise allocation of funds to the electricity sub-sector, Banda said.
Zambia plans to develop power projects under its vision 2030 development plan for boosting economic development and creating wealth for citizens.
In Kafue Gorge lower project, the government intends to award a contract to private developers in 2009 to construct a 750 MW power station at an estimated cost of $1.5 billion.