In a bold step toward strengthening Zambia’s renewable energy capacity, Terra Metals Inc. has entered into a strategic equity investment partnership with the Investment Bank of Africa (IBA) and the Nalolo Solar Power Energy Company (NASPEC). The collaboration marks a major milestone in advancing the Nalolo Solar Project, one of Zambia’s flagship initiatives aimed at expanding clean power generation and promoting a sustainable energy future.
Terra Metals’ involvement in the project is reinforced by its principal shareholders, who also hold stakes in NASPEC. This shared ownership highlights Terra Metals’ long-term commitment to supporting Zambia’s energy transition, while fostering sustainable economic development across the region.
Brian Chisala, Executive Director of Terra Metals Inc., emphasized the significance of the agreement, stating, “We are thrilled to announce this strategic partnership, which represents a major step forward for the Nalolo and Lukulu Solar Projects.”
Echoing his sentiments, Mushinge Mumena, Chairman of Terra Metals Inc., said, “This collaboration highlights our commitment to delivering clean energy solutions while advancing Zambia’s sustainable development goals.”
From the financial perspective, Robert Solomon, Chief Financial Officer of the Investment Bank of Africa, noted, “This investment reflects IBA’s strategy of channeling capital into high-value, sustainable infrastructure projects that generate strong returns while mitigating long-term risks. The Nalolo Solar Project is underpinned by solid fundamentals — rising energy demand and strong government support — ensuring both profitability for stakeholders and measurable socio-economic impact for Zambia.”
Adding to this, Dr. Victor Ryan, Chairman of NASPEC, described the partnership as a defining moment for Zambia’s renewable energy journey. “With IBA’s strategic investment and Terra Metals’ vested interests, the Nalolo Solar Project is positioned to deliver clean, reliable, and affordable power while creating employment, driving industrial growth, and enhancing climate resilience,” he said.
Once operational, the Nalolo Solar Project is expected to play a transformative role in Zambia’s energy landscape. It will not only expand access to clean electricity but also generate new business opportunities, create jobs, and reduce the nation’s dependence on traditional energy sources. The project underscores Zambia’s dedication to meeting its climate commitments and strengthens its standing as a regional leader in renewable energy development.
