ZESCO, Stanbic Bank and GreenCo Launch ZamWatt Renewable Energy Programme

By Daily News Reporter

In a country where electricity demand continues to rise alongside industrial expansion, a new partnership is betting on a different future for Zambia’s energy landscape—one built on renewable power, private capital, and a reimagined electricity market structure.

The newly launched ZamWatt renewable energy programme brings together ZESCO Limited, Stanbic Bank Zambia Limited, and GreenCo Power Services Limited in an ambitious effort to unlock large-scale solar, wind, hydro, and battery storage projects for Zambia’s commercial and industrial users.

But beyond the technical details, ZamWatt represents something deeper: a shift in how Zambia finances, builds, and delivers electricity.

Zambia’s energy system has long depended heavily on hydropower. That dependence, once a strength, has become a vulnerability in recent years as droughts and climate variability disrupt water levels and strain generation capacity.

At the same time, demand continues to grow—driven by mining, manufacturing, construction, and urban expansion.

The result is a widening gap between supply and demand, forcing policymakers and utilities to rethink how power is generated and delivered.

ZamWatt enters this context not as a single power plant, but as a coordinated energy platform.

Instead of developing isolated energy projects, ZamWatt bundles multiple renewable sources—solar farms, wind installations, hydro contributions, and battery storage systems—into a managed portfolio.

This approach is designed to smooth out the natural variability of renewables and provide more consistent electricity supply to large users.

For industry, consistency is everything. For developers, however, the challenge has always been financing.

One of the central barriers ZamWatt aims to solve is what financiers call “bankability”—the ability of a project to attract investment based on predictable revenue and manageable risk.

Many renewable projects in Zambia have strong technical potential but struggle to secure financing due to fragmented demand, pricing uncertainty, and weak offtake structures.

“Zambia’s commercial and industrial sector has long needed a structured, scalable route to reliable clean power,” said Stanbic Bank Zambia Limited Chief Executive Mwindwa Siakalima.

Mr. Siakalima also said that ZamWatt is designed to connect generation directly with demand, creating a clearer investment pathway for lenders and developers.

Mr. Siakalima also described the initiative as a model of “responsible banking,” noting that financing structures are being designed to unlock long-term economic value.

He added that Zambia’s industrial sector needs reliable and scalable clean energy solutions, and ZamWatt is structured to meet that demand.

In practical terms, this means pairing renewable energy projects with large industrial consumers whose demand can anchor long-term financing.

Under this these three institutions they will work through framework:

• ZESCO Limited provides grid access, transmission services, and system stability while purchasing part of the generated power
• Stanbic Bank Zambia Limited structures financing, mobilises investment, and links energy supply with industrial buyers
• GreenCo Power Services Limited manages operations, scheduling, metering, and energy trading across the portfolio

Together, they will create a coordinated system where generation, finance, and delivery are aligned under one model.

ZamWatt will also align with Zambia’s emerging Open Access electricity framework, which allows eligible users to access transmission infrastructure through regulated arrangements.

The utility remains central to grid stability and national electricity security, while also enabling broader participation in power generation and distribution.

Speaking during the MOU Signing ZESCO Managing Director Engineer Mr. Justin Loongo stated that the initiative demonstrates how public and private sector collaboration can help strengthen Zambia’s energy system.

“This collaboration demonstrates the strength of what can be achieved when the public sector and innovative private partners work together to bring new renewable generation capacity onto the national grid,” Mr.Loongo said.

Mr. Loongo added that this programme is expected to support industrial growth while also strengthening the country’s broader energy infrastructure.

Behind the policy language lies a more urgent reality: climate change is reshaping Zambia’s energy future. Hydropower fluctuations have become more frequent, exposing the economy to unpredictable supply disruptions. Renewables—once seen as supplementary—are now being positioned as central to long-term energy security.

Energy experts say the ZamWatt model is a response to that shift, combining multiple renewable sources to reduce reliance on any single generation type.

Mining companies, manufacturers, and large commercial operators require stable, competitively priced electricity to maintain productivity and attract investment.

Unreliable power, stakeholders argue, is no longer just a technical issue—it is an economic constraint.

ZamWatt aims to address this by offering what industry has long demanded: predictability.

Energy analysts describe the initiative as part of a broader transformation in how African power systems are being structured.

Instead of vertically controlled supply chains, countries are increasingly adopting hybrid models that combine public infrastructure, private financing, and independent energy trading platforms.

Meanwhile GreenCo Power Services Managing Director Wezi Gondwe also added that the project represents a shift toward a more modern and flexible energy market.

She said combining multiple renewable sources into a managed portfolio would ensure more stable and reliable power delivery to industrial customers.

“At its core, ZamWatt is designed to address one of Zambia’s most pressing economic challenges—consistent electricity supply for industry. Manufacturers, miners, and large commercial operators often face power instability, which affects productivity and increases operational costs,” Ms Wezi Said.

Ms Wezi further said that by creating a structured renewable energy marketplace, the initiative aims to provide predictable energy supply backed by financial and technical systems that reduce risk for investors and consumers.

And GreenCo’s role is central to this shift by managing scheduling, wheeling, and reconciliation across multiple renewable sources, the company effectively acts as a coordination layer between generation and consumption.

A joint steering committee has been established to oversee technical, regulatory, and commercial implementation of the ZamWatt programme.

While details of individual projects are still being finalised, stakeholders say the framework is designed for scalability—meaning it can expand as demand grows and new renewable projects come online.

If successful, ZamWatt could become more than an energy project. It could serve as a blueprint for how Zambia—and potentially the region—finances and delivers electricity in a future defined by climate pressure, industrial growth, and energy transition.