IN BRIEF: ZCCM forms energy investment vehicle with Zambia government
ZCCM Investment Holdings PLC - Lusaka-based mining investor - Together with the Ministry of Finance & National Planning, forms Zambia National Energy Corp Ltd as a special purpose vehicle to invest in the country's energy sector and announces its first investment. ZNEC was incorporated in December, and its first investment will be to implement the Presidential Constituency Energy Initiative, which was approved by the Zambia government back in November. The initiative will deploy renewable energy capacity across all 156 constituencies of Zambia, aiming for total installed capacity of 312 megawatts. The total investment cost envisioned is USD202 million, of which 70% will be in debt and 30% in equity. ZCCM holds 60% of ZNEC and will contribute USD36.4 million of the equity, with the Zambia government owning the remaining 40% and contributing USD24.2 million. Read More