NAPSA to invest $200m in Maamba Collieries expansion project

By Ruth Chayinda

The National Pension Scheme Authority-NAPSA- says it will invest up to 200 million dollars in form of debt to support the expansion project of phase two of Maamba Collieries limited.

NAPSA Board Chairperson, SHIPANGO MUTETO says the debt balance of 100 million dollars will be financed by other local investors.

Mr MUTETO says the project is anticipated to contribute significantly to the portfolio diversification in the energy sector after its prior investment in the 750 megawatts Kafue Gorge lower project.

Speaking during a press briefing in Lusaka today, Mr. MUTETO said the authority will be expected to earn up to 107.6 Million dollars in interest income from the project with an interest of 33.7 million dollars to be received during the moratorium period.

Mr. MUTETO said the project is anticipated to create about 1,200 jobs during the construction period, and about 400 direct jobs during operation phase.

And, NAPSA Director General MUYANGWA MUYANGWA said the investment in Maamba Collieries limited is the second major project that the authority is undertaking this year.

Mr. MUYANGWA has also disclosed that the Authority is currently evaluating renewable energy proposals especially in solar power to help mitigate the power deficit.

He said so far 44 proposals have been received and 13 of them are earmarked for implementation in a phased manner before the end of this year.