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IDC to develop 2 solar projects

THE Industrial Development Corporation (IDC) is expected to develop two solar photovoltaics (PV) projects with a 50 Megawatts capacity each at the Lusaka South Multi-Facility Economic Zone (MFEZ) to address the current power deficit.
IDC has since engaged International Finance Corporation (IFC), a financial arm of the World Bank, as its transaction advisor.
This is an immediate step towards meeting President Lungu’s directive to drive urgent development and installation of at least 600MW of solar power in the wake of the current power shortage.
IDC chief executive officer Andrew Chipwende said the projects will be awarded to two different private sector developer partners for financing, construction and operation as independent power producers (IPPs) for 25 years.
Mr Chipwende said in a statement on Wednesday that IDC may retain a minority stake in each project on behalf of Government.
“Both projects are currently expected to be located in the Lusaka South MFEZ,” he said.
Mr Chipwende said with IFC’s support, IDC will structure the projects using the World Bank group’s scaling solar initiative which is an open, competitive and transparent approach that facilitates the rapid implementation and offers a one-stop shop package of advisory services, contracts, financing, guarantees and insurance.
He said the initiative will enable Government to procure solar power transparently and at the lowest possible cost.
“Bidders will be required to register with IDC and purchase the request for pre-qualification document upon payment of a non-refundable fee of K1,000 or its equivalent in a freely convertible currency by telegraphic transfer or bank cheque,” Mr Chipwende said.