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Zambia's CEC invests $500 million to improve transmission

Zambia's CEC invests $500 million to improve transmission

Copperbelt Energy Corp. in Zambia will invest $500m over the next 2 years to double its capacity of an electricity transmission line into the Democratic Republic of Congo and increase the output of solar power, according to a senior official of the company.

Copperbelt Energy Corporation owns the only power transmission line connecting Congo with the Southern African Power Pool.

CEC's Chief Financial Officer Mutale Mukuka stated that CEC was looking to attract investors in order to finance projects, as the country is emerging from a four-year default on its sovereign debt.

Mukuka said that he was looking to invest $500 million in the next two-year period, with most of the financing coming from third parties.

He said: "We will invest heavily in transmission projects so that the power generated by (new projects), can reach consumers."

After Zambia emerged from its sovereign default, and after an El Nino-induced dry spell that wiped out 70% power generation, developers are once again showing interest in Zambia's renewable energy projects.

CEC plans to increase the current 250 megawatts of power transmitted between Zambia and Congo, to 550 MW.

(source: Reuters)