The Zambia Development Agency (ZDA) has signed an Investment Promotion and Protection Agreement (IPPA) with MetroGold Limited, a Zambian-owned renewable energy company, for the development of a 200-megawatt solar photovoltaic (PV) power plant in Luanshya District on the Copperbelt. The project, valued at approximately US$240 million, is expected to contribute significantly to Zambia’s efforts to increase electricity generation and diversify its energy sources. Speaking during the signing ceremony, ZDA Director General, Albert Halwampa, commended MetroGold Limited for investing in the country’s energy sector, noting that the project aligns with the Government’s target of generating 6,000 megawatts of electricity over the next five years. Mr Halwampa said the recent drought had exposed Zambia’s heavy dependence on hydropower, resulting in widespread electricity shortages and highlighting the urgent need to diversify the country’s energy mix. “We are encouraged to see Zambians actively contributing to the Government’s aspirations of stabilising the national electricity supply,” he said. Mr Halwampa urged local entrepreneurs and investors to collaborate in developing bankable projects and actively pursue financing opportunities to support national development. He also revealed that ZDA, working with various stakeholders under the leadership of President Hakainde Hichilema, established the Zambia Investment Deal Room, an initiative designed to connect project developers with global financiers. Mr Halwampa reiterated ZDA’s commitment to promoting and facilitating investment for both local and foreign investors. Meanwhile, MetroGold Limited Director, Kebby Muteteete, thanked President Hichilema for creating an enabling environment that has allowed Zambians to invest in the energy sector, particularly in response to electricity challenges caused by one of the worst droughts in recent years. Dr Muteteete said the solar power project will cost more than US$240 million and is expected to create employment opportunities for over 200 people in Luanshya and surrounding communities. He noted that the investment demonstrates the growing role of local companies in supporting Zambia’s energy security and economic development through renewable energy solutions. The project is expected to boost electricity generation capacity, support industrial growth and contribute to the country’s transition towards a more resilient and diversified energy sector.