First Quantum Minerals earmarks $500m solar, wind project
Written by MRadio on March 22, 2022
By BUUMBA CHIMBULU
ABOUT US$500 million is expected to be invested in an ambitious solar and wind energy project by the First Quantum Minerals (FQM) which it hopes will provide stable power for its operations on a long-term sustainable basis.
Construction of the 430 Mega Watts (MW) project is expected to start next year.
It will consist of a 230 MWp solar photovoltaic (PV) plant and a 200 MW wind farm to supply power to FQM’s operations Kansanshi mine in Solwezi and Sentinel mine in Kalumbila.
FQM’s Kansanshi Mine General Manager, Anthony Mukutuma, said the project would offer significant benefits to Zambia, by unlocking some of its world-class renewable potential.
Mr Mukutuma said major projects such as this underline First Quantum’s responsible mining credentials and were a critical part of its plan to reduce its carbon footprint by 30 percent by 2025. “It will help the country realise some of its untapped solar and wind resources by attracting large-scale foreign investment and adding significant renewable energy capacity.
“In line with Zambia’s Vision 2030, the project will further contribute to improving Zambia’s energy-mix, reducing expensive regional power imports and exposure to fuel prices,” Mr Mukutuma said.
The project would be developed, financed, built and operated by Total Eren, a leading France-based renewable energy Independent Power Producer (IPP), and Chariot Transitional Power, the African focused transitional energy group.
It will be funded leveraging non-recourse project finance debt. Total Eren’s EVP and Global Head of Business Development, Fabienne Demol, said: “Together with our partner Chariot, we are pleased to bring our global expertise in solar and wind generation to power FQM’s operations.
“The combined solar and wind capacity will offer strong complementarity and power generation around the clock, with solar produced during the day and wind mainly at night.”
