Tanzania’s industrial conglomerate Amsons Group has signed a US$600 million renewable energy agreement in Zambia to develop a 1-gigawatt (GW) solar power plant, making the project the largest utility-scale solar installation in Sub-Saharan Africa.
The agreement was reached in Lusaka through a partnership with Africa Power Generation, a Zambian-registered renewable energy investment consortium.
It is a one-of-a-kind strategic expansion by Amsons Group into large-scale power generation as part of its business diversification strategy.
The announcement came after S&P Global Ratings upgraded Zambia’s sovereign rating to CCC+ from selective default, citing progress in restructuring $13.3 billion of external debt.
The agency said about 94% of the debt under negotiation is covered by completed agreements, though some bilateral and commercial deals remain outstanding.
Amsons’ deal was formally signed by the Group Managing Director Edha Nahdi in the presence of Zambian President Hakainde Hichilema at State House. President Hichilema said he’s looking at attracting large private-sector investments and deepening diversification of the national energy mix.
The solar project will boost Zambia’s electricity generation capacity, reducing the country’s heavy reliance on hydropower, which has been increasingly vulnerable to climate-induced droughts. The plant is expected to stabilize the national power supply, ease persistent load shedding, and strengthen Zambia’s economic resilience.
President Hichilema described the project as a transformative investment and that it aligns with Zambia’s target of adding 1,000 megawatts of solar power to the national grid and supporting the country’s broader ambition of achieving 10 gigawatts of new generation capacity by 2030 under Africa’s continental Mission 300 energy initiative.
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Although Amsons Group is widely known for its strong footprint in cement manufacturing, logistics, and petroleum products distribution across Eastern and Southern Africa, the investment represents a strategic pivot into clean and utility-scale energy infrastructure.
Amsons in Kenya
The group has confirmed that it is also evaluating similar renewable energy opportunities in Kenya, Tanzania, Uganda, and other Sub-Saharan African markets.
The transaction follows Amsons Group’s recent corporate activity in East Africa, including the acquisition of Bamburi Cement in Kenya and a 27% stake in East African Portland Cement.
Amsons$600 million solar project ranks among the largest single foreign direct investments in Zambia’s power sector and is expected to generate long-term economic multipliers through job creation, local capacity building, and industrial power stabilization, while also strengthening investor confidence in Zambia’s renewable energy framework.
