The Zambia Development Agency (ZDA) has signed an Investment Promotion and Protection Agreement (IPPA) with Ndola Vioqua Energy Company Limited for the development of a 450 MW thermal power plant in Ndola valued at USD 450 million.
At the signing ceremony, ZDA Director General Mr Albert Halwampa commended the company for investing in baseload power generation. He noted that this power output would contribute significantly to Zambia’s target of generating 10,000 MW under the Grow Zambia vision.
Mr Halwampa said growing investor participation in the energy sector made the national target achievable.
“I am confident that we will reach the 10,000 MW target even before 2031,” he said.
Representing Ndola Vioqua Energy Ltd, Company Director Mr Li Zhilim outlined the implementation plan and the project’s expected economic benefits.The project will be implemented in two phases, with Copperbelt Energy Corporation (CEC) expected to be the off taker of electricity that will be generated. The company is expected to create 640 jobs during construction and plant operations, while generating further opportunities for suppliers, contractors and service providers.
The IPPA underscores Zambia’s commitment to a predictable, secure and investor-friendly business environment. It also supports the country’s efforts to attract long-term investment in energy infrastructure and advance sustainable economic growth
