Zambia's state utility ZESCO has now signed power purchase agreements covering 1 GW of new solar capacity in three months. The second, announced on 15 September, is a 25-year PPA with Hungary's EnerSynk Group for a planned 500 MW plant in Copperbelt Province. It follows a June agreement with South Korea's KS Eco Solutions Holdings for another 500 MW. Each is equal to nearly 60% of the country's installed solar base.

The two IPPs

EnerSynk describes itself as an energy and climate infrastructure company. Its founder and executive chairman, Jason Temasfieldt, said the next phase covers technical studies, environmental and regulatory processes, financing and implementation planning, with the project built in phases, and said the company sees Zambia as a long-term market rather than a single project. EnerSynk's own website lists the Zambia plant as its flagship and the largest project in its portfolio, alongside a 300 MW solar park in Hungary at the permitting stage. It lists no operating plant.

KS Eco Solutions, headquartered in Seoul, signed its PPA in June before Energy Ministry officials; chief executive Ma Hong-il signed for the company and managing director Justin Loongo for ZESCO. The project is planned in ten phases of 50 MW, on land provided by the government, with investment estimated by the government at $700m to $900m.

EnerSynk Group and ZESCO sign a 25-year power purchase agreement for a planned 500 MW solar plant in Zambia's Copperbelt Province
EnerSynk Group and ZESCO sign a 25-year power purchase agreement for a planned 500 MW solar plant in Zambia's Copperbelt Province EnerSynk Group

Zambia's targets

Operational solar capacity reached 841 MW in 2026, up from 88 MW in 2021, according to the Ministry of Energy. Under its National Energy Compact, Zambia plans 3,000 MW of solar by 2030 and estimates it needs $9.5bn of private capital, naming bankable PPAs as a tool to attract it. The wider goal is 10 GW of renewable capacity by 2030, tied to a target of 3 Mt of copper output a year.

What is still missing

Neither developer has disclosed a lender, a financing structure or an EPC contractor, and both projects must reach financial close before construction starts. On 19 September EnerSynk added that it aims to build up to 3 GW in Zambia by 2030.

What it means

For banks and DFIs, these PPAs open due diligence rather than close it. Neither sponsor has named a lender or an EPC contractor, and EnerSynk's portfolio shows no operating plant, so sponsor equity and delivery capacity are the first questions, followed by ZESCO payment security. KS Eco's ten 50 MW phases could be financed block by block, which lowers the ticket size but multiplies the closings. EnerSynk's 3 GW ambition matches the entire national solar target, and should be tested before it is priced.

Sources: PV-Magazine, Enersynk, EcofinAgency, Zambia Ministry of Energy, Enerdata, Ecofin Agency