Israeli Energy Company set to invest $100 million in Zambia.

Gigawatt Global, an Israel-based investor, has announced its commitment to invest $100 million USD in a pioneering hybrid solar photovoltaic (PV) and wind power project within the borders of Zambia.

Gigawatt Global's President and CEO, Josef Abramowitz, revealed his investment plans during an interview at the Israeli/Zambia Business Forum 2023 in Jerusalem that took place on Wednesday, the forum was focussed on creating “Agro-business opportunities to ensure food security”.

Mr. Abramowitz announced that his company is set to invest $100 million USD in the development of a 71 Megawatts hybrid solar PV and wind power project in Chibombo district, Central Province, Zambia.

Mr. Abramowitz explained that his company's status as a multinational renewable energy platform, was specifically suited to the development of new projects such as Zambia through specialised financing, construction, and operation of utility-scale PV solar projects.

Additionally, he added that Gigawatt Global's previous experience in the solar industry will benefit their operation in Zambia, such as their 8.5 MW solar PV plant in Rwanda, which was the first grid-connected solar project in East Africa.

Mr. Abramowitz stated that the Zambian Gigawatt hybrid solar PV and wind project commenced in 2018, yet its progress was hindered by the persistent challenges encountered within the energy industry over the last few years.

However now, after facing “a number of road blocks and other challenges”, Gigawatt Global is “read to roll out our project” Mr. Abramowitz said.

He further stated his joy that the business environment in Zambia has substantially transformed and improved following the change of Government.

Mr. Abramowitz has stated that his company has acquired the Investment License from the Zambia Development Agency (ZDA). Additionally, the project has already successfully executed an Implementation Agreement with the Ministry of Energy, and numerous Grid Impact studies in Topographical are currently underway.

Gigawatt Global will soon be moving on the Zambian site to begin full project implementation.

Subsequently, he expressed gratitude towards the Government for facilitating a conducive business environment for foreign investors to engage in Zambia. Mr. Abramowitz also said that his company is eager to work with local Zambian citizens in the economic development of the country.

“Our company is ready to move in and commence the implementation of the project. We have the money and all we are waiting for is to complete all the formalities,” he said.