Africa's largest insurer Old Mutual in talks for stake in Zambian power plant

Old Mutual offices in Sandton, Johannesburg, South Africa

Zambia’s Copperbelt Energy Corp. is in talks with Old Mutual Plc, Africa’s largest insurer, to sell it a stake in a $220 million hydropower project in the country’s northwest.

“We are speaking to them and they seem to be very interested,” Hanson Sindowe, chairman of the power supplier, said in an interview on Tuesday in Lusaka, the capital of Africa’s second-largest copper producer. “They are carrying out their own due diligence.”

Copperbelt Energy, the biggest power supplier to Zambia’s mines, plans on completing financing for the Kabompo Gorge hydropower project by the end of the year, Humphrey Mulela, who heads the unit overseeing its development, said in a separate interview. The 40-megawatt plant will help ease an electricity deficit that could disrupt mining operations this year, Sindowe said.

Read more: Old Mutual in Talks for Stake in Zambian Hydropower Plant – Bloomberg Business