Kukula Capital is proud to have contributed to the development of the Financing Strategy and Roadmap for Zambia’s Integrated Resource Plan (IRP) — a critical step toward unlocking the sustainable energy investment the country urgently needs.
The scale of the challenge
Zambia’s energy transition is one of the most significant economic imperatives facing the country over the coming decades. Achieving the goals set out in the Integrated Resource Plan will require over $31 billion in investment by 2050 — a figure that underscores both the scale of the opportunity and the depth of the financing challenge. The barriers are well understood: tariff constraints that limit the commercial attractiveness of energy assets, foreign exchange risk that deters international capital, and a structural shortage of concessional finance capable of de-risking early-stage investment.
The IRP Financing Strategy, developed in collaboration with Climate Compatible Growth (CCG) and the Ministry of Energy, aims to move decisively beyond planning toward execution — setting out practical, actionable steps to mobilise capital at the scale required.
Kukula’s contribution
Kukula Capital contributed to the Finance Strategy for the IRP in collaboration with CCG, bringing our advisory expertise and local market knowledge to bear on one of the most complex financing challenges in Zambia’s recent economic history. Our involvement reflects the firm’s broader commitment to Zambia’s long-term development — not just as an investor and transaction advisor, but as an active participant in building the policy and financial architecture that will support private investment for decades to come.
The strategy was presented at CCG’s 5th Annual Workshop, where the Director for Green Economy and Climate Change from the Ministry of Green Economy and Environment, Mr Ephraim Mwepya Shitima, provided the opening address. The event brought together participants from government, academia, and the private sector to review progress across CCG’s research and training projects in Zambia.
A growing body of work
This engagement builds on Kukula Capital’s existing research and advisory work in Zambia’s climate finance space. Our earlier collaboration with CCG produced the Zambia Climate Investment Landscape report (April 2024), which mapped the current state of climate-related investment flows in Zambia and identified priority areas for intervention. Both pieces of work are available in our Publications section.
Zambia’s energy transition will not be financed by any single actor. It will require patient coordination between government, development finance institutions, private capital, and local advisors who understand the market. We are glad to be contributing to that effort.