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DJ Zambia Seeks Kafue Gorge Power Project Development Partners71 days ago
DOW JONES NEWSWIRES
The Zambian government is seeking investment partners for the development of the $1.5 billion Kafue Lower Gorge power station as it seeks to avoid a looming power crisis, the minister of finance and national planning said Monday.
The feasibility study for the project has been approved and efforts are now under way to identify a suitable investment partner for the project, which is expected to add at least 750 megawatts of power to the national grid once it comes on board, the minister, Sitombeko Musokotwane, said. The project will be developed under a private-public partnership arrangement.
"The transaction advisor has been tasked to proceed to the next stage of identifying a would-be developer through a transparent method," he said.
The feasibility study was conducted by the investment arm of the World Bank, the International Finance Corporation, and was handed over to the Zambian government early this month.
The station is expected to take five years to build.
Zambia is facing a looming power shortage in the next few years as more investments in the copper mining sector continue to come on stream. Major expansion works at Vedanta Resources PLC's (VED.LN) Konkola Copper Mines, Chinese-owned Luanshya Copper Mines as well as First Quantum Minerals Ltd.(FM.T) Kansanshi Copper Mines are expected to come on stream by 2012, stretching the country's power demand.
According to the Copper Belt Energy Corp. which supplies power to copper mines in the Copper Belt Province, power demand from the mines is expected to hit 800 MW by 2011 from the current 500 MW as major expansion projects come on stream.
-By Nicholas Bariyo, contributing to Dow Jones Newswires; +256 75-262 4615; bariyonic@yahoo.co.uk
(END) Dow Jones Newswires
November 30, 2009 04:24 ET (09:24 GMT)
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