Zambia approved for I-REC(E) issuance
Approved I-REC(E) Issuers
Ecostar Energy Solutions has been approved as the local I-REC(E) Issuer in Zambia, having been supported by the Ministry of Energy (MOE) of Zambia.
Zambia is a landlocked country situated in South and Central Africa. Zambia has a mixed economy, in which there is a variety of private freedom combined with centralized economic planning and government regulation. Zambia has an abundance of water resources and is at present a key hydro-power producer for the region. In addition, Zambia has good sunlight almost all year round making it an attractive location for the implementation of Solar PV plants but is not limited to only that renewable power generation resource.
In 2022, Zambia is expected to experience increased economic development driven by higher copper prices, an impetus from the current government to diversify renewable power production through several new solar photovoltaic plants that are in the pipeline for commissioning including wind and geothermal, as well as the commissioning of new hydro-power station.
The electricity market in Zambia comprises three different activities: generation, transmission, and distribution. These activities are mainly undertaken by the State-owned utility ZESCO. ZESCO has entered into Power Purchase Agreements (PPA’s) with the IPP’s and is the sole buyer of this generation. And as Zambia is one of the seventeen countries in Africa that are part of the Southern African Power Pool (SAPP), to balance the supply and demand of electricity on its network, ZESCO engages in power trading as a member of the SAPP through its various trade protocols: during 2020, ZESCO recorded a 7% increase in exports from 1250.4GWh in 2019 to 1339.53GWh in 2020, while ZESCO imports decreased by 34.4% from 198.2GWh in 2019 to 129.94GWh in 2020.
Based on current developments and the promising outlook of renewable energy production, which will optimize the use of Zambia’s diverse renewable power generation resources, the I-REC Standard Foundation is very pleased to approve Zambia as an I-REC for Electricity issuing country.
Shyamal Patel, the Managing Director of Ecostar Energy Solutions Ltd has explained, “[o]n behalf of Ecostar Energy Solutions Ltd, we are delighted with Zambia’s addition to the I-REC platform, which we foresee will have a significant impact on the renewable energy sector in Zambia for years to come. We look forward to a beneficial and transparent working relationship with the I-REC Standard Foundation and its affiliate members.”
Mourad Dahbi, Chairman representing the Energroup, an I-REC(E) market player who supported the developments in Zambia, expressed the organization’s satisfaction with Zambia’s approved I-REC(E) issuing status stating, “Zambia has many renewable energy sources, and we look forward to helping Zambian consumers with reliable reporting solutions.”