Korean developers propose 500 MW solar project in Zambia

Developers from South Korea are planning to build a 500 MW solar project in Zambia.

According to an update shared by Zambia’s Ministry of Information and Media, a delegation from Korea, including Seoul-headquartered energy and infrastructure firm KS Eco Solutions Holding Limited, recently met with Zambian stakeholders and the government of Zambia to discuss a strategic partnership that would see a 500 MW solar project developed in ten phases, each consisting of a 50 MW generation unit.

Installation would be carried out by technical teams from both South Korea and Zambia, the ministry says, while the government would provide the required land. The project would benefit from a long-term power purchase agreement with Zambia’s national power utility ZESCO. At 500 MW, the project is forecast to close a third of Zambia’s current energy deficit once operational.

The ministry has identified the Export-Import Bank of Korea and the Korea Development Bank as potential financing partners. Its update adds that investor confidence is growing in Zambia thanks to more favourable conditions, including a stable and strengthening currency and restored credit ratings.

“These are not claims, they are the basis of which Korean investors have chosen to bring a structured proposal of between $700-$900 million,” the ministry said. “This is a proposal at this stage. The work of converting it into a signed agreement, a financial close and a construction program now begins. But the fact that it exists, structured and presented to the government, is itself significant.”

Zambia’s solar market is growing rapidly. Its first 100 MW project was completed in May 2025 and work began on a separate 100 MW array three months later, with both projects forming part of the government’s plan to deploy 1 GW of utility-scale solar. The country’s largest operational solar asset to date is the 136 MW Itimpi II solar plant, which was switched on in May.

Earlier this year, the Zambian government unveiled a new financing mechanism that plans to procure 300 MW of new solar projects connected to battery storage systems. Construction of the country’s latest solar-plus-storage project to date, a 250 MW solar site tied to 150 MW/600 MWh of storage, began in April.

The Africa Solar Industry Association (AFSIA) has tracked 1.15 GW of operational solar in Zambia, according to figures available in its project database. It adds a further 1.64 GW are currently under construction.