By SANDRA MACHIMA
TURKEY’S Cora Energy, a solar energy solutions provider, plans to invest US$70 million in a 50 megawatt (MW) solar project in Zambia.
Cora Energy chief executive officer, Servet Cora, said the first phase of the project would involve installation of 25 MW within the first three months.
Mr Cora said Zambia provided immense investment opportunities in renewable energy such as solar.
“Solar energy does not take long to install, we can take three to four months to install 25 MW and within a year, we can deploy 100 MW to the system,” Mr Cora said.
He said a delegation would soon visit Zambia to finalise discussions with the Ministry of Energy, Zambia Development Agency, (ZDA), Zesco and Energy Regulation Board with regards the investment.
According to First Secretary Press at the Embassy of Zambia in Turkey Jerry Munthali, the remarks made when a delegation of five Turkish business executives paid a courtesy call on Zambia’s Ambassador to Turkey, Joseph Chilengi.
And Dr Chilengi said Cora Energy’s proposed investment in solar energy was timely, coming at a time when the country was facing a power deficit arising from climate change.
Dr Chilengi said Government was now diversifying the country’s energy mix from hydro-electricity generation to renewable energy such as solar.
He said the unprecedented energy deficit arising from climate change that Zambia was struggling with provided immense business and investment opportunities in solar energy.
By investing in Zambia, the envoy said, Cora Energy would also be tapping into COMESA and SADC Free Trade Areas (FTA) with a combined population of over 600 million.
Dr Chilengi further said Zambia was a transforming economy which was in a hurry to achieve sustainable and industrial growth.
“If you establish in the Multi Facility Economic Zone, the zone comes with incentives because what is produced in the zone can also be exported tax free,” Dr Chilengi said.