LUSAKA, Oct. 28 (Xinhua) -- Authorities in Zambia on Wednesday invited investors interested in investing in renewable energy for a meeting to help the southern African nation find a lasting solution to its power needs. Zambia is currently facing a power deficit of 560 megawatts blamed on declining water levels in key reservoirs, a situation that has resulted in increased power cuts, with the country's power utility forced to ration the available power. About 90 percent of Zambia's electricity supply is from hydro. In a notice published in the local media, Minister of Energy and Water Development Dora Siliya in conjunction with the country's investment agency, the Zambia Development Agency (ZDA), and the Industrial Development Corporation (IDC), an institution that holds government shares in selected firms, has called for the meeting with potential investors in renewable energy next week. "The objective of the meeting will be to engage with project promoters and developers of renewable energy such as solar, wind, geothermal as well as other alternative sources of energy with a view of finding a lasting energy solution for Zambia," the notice said. The government has also invited other stakeholders such as financial institutions, professional bodies, academia to the meeting that will seek to unlock Zambia's energy potential and redress the energy crisis in the southern African nation. The head of the country's investment agency said recently that the country expects to triple power outputs to 6,000 megawatts in two years through expansion of solar energy by foreign investors.
Zambian authorities have appealed for investors to develop the country’s renewal energy provision. The government has also announced a new policy of providing subsidies and incentives to encourage private sector investment in renewable energy. Power cuts have led to energy rationing. About 90 per cent of the country’s electricity supply is from hydro. The meeting hopes to explore solar, wind, geothermal and other alternative sources of energy. The head of the country's investment agency stated that the country expects to triple power outputs to 6,000 megawatts in two years through expansion of solar energy by foreign investors.