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As part of efforts to address the country’s energy needs, and commitment to sustainability, First Quantum Minerals (FQM) has entered into an agreement with private sector partners to secure clean, reliable power from the Kariba North Bank Extension (KNBE) energy plant.
The agreement uses an innovative partnership model that supports Zambia’s industrial needs and the country’s national energy security.
KNBE project, developed by Kariba North Bank Extension Power Corporation (KNBE), a wholly owned subsidiary of ZESCO, has secured commercial debt financing from Standard Bank Group and Stanbic Bank Zambia. This financing is anchored by a 13-year Power Purchase Agreement (PPA) between KNBE and GreenCo Power Services (GreenCo). Under a separate Power Supply Agreement (PSA), GreenCo will supply FQM’s mining operations with renewable power.
This agreement highlights FQM’s commitment to advancing innovative energy purchasing models that leverage private-sector offtake commitments to enhance project bankability and ultimately increase the supply of renewable energy to the national grid. Through its PSA with GreenCo, FQM will receive renewable power from KNBE, strengthening operational resilience and supporting Zambia’s renewable energy growth.
FQM’s proactive engagement sets a benchmark that encourages participation from independent power producers and supports the growth of a competitive, diversified energy market in Zambia.
“First Quantum Minerals’ participation in this deal demonstrates the company’s commitment to the growth of its operations and the mining industry in Zambia. Investment in energy and other infrastructure projects is critical for sustained growth and supply of critical transition minerals,” said FQM Country Director, Anthony Mukutuma.
Building on its existing renewable power supply arrangement with ZESCO, FQM continues collaboration with ZESCO on efforts to stabilize Zambia’s national power grid. These ongoing efforts facilitate the integration of additional renewable energy generation plants and supports Zambia’s long-term industrial growth objectives.
Through this strategic partnership, First Quantum Minerals reaffirms its commitment to a sustainable energy future—one that benefits both industry and the Zambian economy.
