An Israeli-based investor, Gigawatt Global, is set to pump in 100 million United State dollars in a hybrid solar photovoltaic (PV) and wind power project in Zambia.

Gigawatt Global President and Chief Executive Officer, Josef Abramowitz, disclosed in an interview on the sidelines of the Israeli/Zambia Business Forum 2023 held in Jerusalem yesterday under the theme “Agro-business Opportunities to Guarantee Food Security “.

Mr Abramowitz said his company is set to inject 100 million United States dollars into developing a 71 Megawatts hybrid solar PV and wind power project Chibombo district in the Central Province of Zambia.

Mr Abramowitz said his company is a multinational renewable energy platform that develops, finances, builds and operates utility-scale PV solar projects in emerging markets.

He said that based on their experience as pioneers of the solar industry in Israel, the company’s founders built the first grid-connected solar project in East Africa, an 8.5 MW solar PV plant in Rwanda.

Mr Abramowitz said Gigawatt Global reached financial close on their 8.67MW solar PV project in Burundi in January 2020, with construction now underway.

Mr. Abramowitz said the Chibombo Gigawatt hybrid solar PV and wind project was started in 2018 but the project could not take off due to challenges the energy industry has faced through the years.

“Plans to start this project in Chibombo started in 2018 but we could not proceed much with project implementation due to a number of roadblocks and other challenges faced and now all is well as things are moving smoothly and ready to roll out our project,” said Mr. Abramowitz.

He said he is happy that the business environment in Zambia has tremendously changed following the change of Government.

Mr. Abramowitz said his company has since obtained the Investment License with Zambia Development Agency (ZDA), the project has already signed an Implementation Agreement with the Ministry of Energy and a number of Grid Impact studies in Topographical have already started.

He added that the company will be moving on-site to start full project implementation.

He has since thanked the Government for making it easy for foreign investors to invest in Zambia.

Mr Abramowitz said his company is ready to work with the Zambian people 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.

On Monday this week, President Hakainde Hichilema called on Israeli investors to consider investing in Zambia.

Mr Hichilema said Zambia has a conducive business environment to support and promote foreign investment.

President Hichilema said this during a State banquet hosted in his honour by the Israeli President, Isaac Herzog, at the presidential residence in Jerusalem.

President Hichilema, who has since returned home, was in Israel at the invitation of Isaac Herzog, President of the State of Israel.

While in Israel, President Hichilema attended a meeting on creating an ecosystem for innovation – the Israeli Model at the King David Hotel, Ambassadors Garden Hall.

The President engaged in crucial talks with President Herzog and Mr. Benjamin Netanyahu, Prime Minister of the State of Israel, as well as other high-ranking officials.

The discussions delved into critical bilateral and regional issues, prioritising peace, security, and peace-building initiatives.

Before his departure yesterday, President Hichilema officially opened the Zambia–Israel Business Forum under the theme “Agro-Business Opportunities to Guarantee Food Security.