Zambia’s state-owned power utility, ZESCO Limited, has signed a Memorandum of Understanding (MoU) with Stanbic Bank Zambia and GreenCo Power Services Limited to jointly develop renewable energy projects under the “ZAMWATT” initiative.
The agreement, signed at Stanbic Bank’s Head Office, is aimed at promoting sustainable energy development, strengthening energy security, and supporting Zambia’s transition to cleaner and more diversified power sources.
Acting Managing Director of ZESCO Limited, Eng. Francis Namakanda, said the partnership reflects a collective commitment to transforming Zambia’s energy sector through collaboration, innovation, and sustainable infrastructure development. He noted that the initiative is expected to unlock investment opportunities and accelerate the rollout of renewable energy projects across the country.
Chief Executive Officer of Stanbic Bank Zambia, Mr. Mwindwa Siakalima, stated that the partnership aligns with the bank’s commitment to financing impactful projects that support economic growth, infrastructure expansion, and environmental sustainability.
Chief Executive Officer of GreenCo Power Services Limited, Ms. Wezi Gondwe, described the collaboration as an important step toward advancing market-driven renewable energy solutions in Zambia and the broader region. She added that GreenCo remains committed to supporting innovative energy trading systems and encouraging greater private sector participation in clean energy investments.
Representing Zambia’s Minister of Energy, Director at the Ministry of Energy, Mr. Sivena Kambenja, welcomed the partnership, saying it supports the government’s objective of expanding access to reliable, affordable, and sustainable energy while strengthening cooperation within the energy sector.