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 says the first phase of the project will involve installation of 25 MW within the first three months.
He made the remarks at the Zambian Chancery yesterday when a delegation of five Turkish business executives paid a courtesy call on Zambia’s Ambassador to Turkey, Joseph Chilengi.
Mr Cora says Zambia provides immense investment opportunities in renewable energy such as solar.
He says the delegation will soon visit Zambia to finalise discussions with the Ministry of Energy, Zambia Development Agency, (ZDA), Zesco and Energy Regulation Board with regards the investment.
And Dr Chilengi says Cora Energy’s proposed investment in solar energy in Zambia is timely as it comes at a time when the country is grappling with a power deficit arising from climate change.
He says Government under the leadership of President Edgar Lungu,is making a paradigm shift in terms of investment by focusing on renewable energy.
Thiis is according to a statement by first secretary at the Zambian mission in Turkey, Jerry Munthali.