Business

Consider investing in hydro power

KALONDE NYATI, Lusaka
WESTERN Power Company Limited has called on pension funds and other local firms to consider coming on board in the establishment of the 45 megawatts hydro power station to be developed by the company in Sioma.
Company director Sipho Phiri said the US$200 million project to be established on Ngonye Falls on the Zambezi River has attracted interest from foreign investors, but the company wants to give priority to local investors.
In 2014, the company announced plans to establish the power project and is currently awaiting the completion of power purchase agreement with Zesco Limited to pave way for the construction.
The firm has already signed the implementation agreement with Government.
Mr Phiri said once complete, the project, which will create hundreds of jobs for the local people, is expected to generate power that will be transmitted through the Zesco grid, thus cushioning the power deficit that is affecting the country.
He also said the Barotse Royal Establishment will also be shareholders on behalf of the people of Western Province.
The company has since shortlisted three contractors for the project, namely Vinci a French company, which has partnered with Orascom of Egypt, Eiffage of France, in partnership with Wbho of South Africa, and Mota-Engil Africa.

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