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LUSAKA - ZCCM Investments Holdings Plc (LuSE:ZCCM-IH) has acquired a 35% stake in Maamba Solar Energy Limited (MSEL), according to a press release statement issued Tuesday.
The acquisition, approved by ZCCM-IH’s board on August 28, involves purchasing shares from Maamba Energy Limited (MEL), with the remaining 65% to be held by Nava Global PTE Limited. MSEL was incorporated in January 2025 to develop renewable energy projects within the Nava Group in Zambia.
As part of the transaction, ZCCM-IH will invest in MSEL’s 100MW solar photovoltaic power project currently under development in Maamba, Sinazongwe District, Southern Province. The project is scheduled for commissioning in July 2026.
The total investment cost for the solar project is $90 million, with financing structured as 70% debt ($63 million) and 30% equity ($27 million). ZCCM-IH’s equity contribution amounts to $9.45 million, proportionate to its 35% shareholding.
MSEL has already secured a 20-year Power Purchase Agreement with ZESCO, signed in May 2025. The project has an expected lifespan of 25 years, with potential for extension.
The transaction represents approximately 1% of ZCCM-IH’s market capitalization of $1.06 billion as of September 25, and does not fall within Category 1 or 2 under the Lusaka Securities Exchange listing requirements.
The solar project aims to increase Zambia’s renewable energy generation capacity and support the country’s energy diversification policy. ZCCM-IH stated that this investment aligns with its strategy to expand its energy portfolio and address Zambia’s ongoing energy challenges.
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