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Maamba Collieries Limited (MCL) has reportedly reached an agreement with anchor lenders to finance the construction and installation of an additional 300 megawatts (MW) power plant.
The project, estimated to cost US$400 million, would see a consortium of debt finance approximately US$300 million.
MCL has already signed a 20-year Power Purchase Agreement (PPA) with ZESCO Limited, Zambia’s national electricity utility company, for the Phase II Project.
In an order issued by Company Secretary, Charles Mjumphi, on the Lusaka Securities Exchange (LuSE) on Wednesday, it said the construction period was slated to run from August 2024 to July 2026.
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“The Phase II Plant will be identical to the current operation and will consist of two generating units of 150MW each, increasing the total number of generating units to four,” Mjumphi said.
“The new plant will utilise existing auxiliary facilities for support infrastructure such as the transmission line and coal preparation plant.
“The Board of ZCCM-IH will provide updates on the progress of the development and construction. MCL previously established a 300MW coal-fired power plant in 2016 as Phase I of its power generation business,” he said.
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