Tanzanian tycoon Edha Nahdi has secured a new Ksh 77.7 billion (US$600 million) renewable energy deal in Zambia, further expanding his business interests in the region after acquiring Bamburi Cement and a significant stake in East African Portland Cement (EAPC) in Kenya.
In a press release dated Tuesday, December 9, 2025, it was announced that Amsons Group, led by Nahdi, has committed to developing a 1 Gigawatt (GW) solar power plant through Africa Power Generation, a Zambian renewable energy consortium.
“Pan-African energy and manufacturing conglomerate Amsons Group has finalized a US$600 million renewable power generation agreement in Zambia as part of its ongoing diversification strategy,” read the statement.
President Hakainde Hichilema witnessed the signing of the agreement, highlighting its potential to address the country’s ongoing electricity shortages.
Amsons Group Signs Solar Power Plant Deal worth KSh 77.7 billion with Zambia
Amsons Group, which is mainly recognized for its cement brands, petroleum distribution networks, and transport operations, is making a strategic shift into utility-scale renewable energy.
This move comes shortly after the company completed major acquisitions in Kenya, including Bamburi Cement and a significant equity stake in EAPC.
Also Read: Looming Sale of East African Portland Cement to Tanzanian Tycoon Lands in Court
Speaking in Lusaka, Managing Director Edha Nahdi confirmed that the company is targeting further renewable energy investments across the region.
“We are exploring opportunities not only in Zambia but also in Kenya, Tanzania, and Uganda,” he stated. “This 1 GW solar investment is founded on our shared belief in sustainable development and the immense potential of Zambia. It aims to create jobs, build capacity, and power communities and industries for decades.”
President Hichilema praised Amsons Group’s entry into the renewable energy sector, noting that the investment aligns with his administration’s long-term goals to expand and diversify the national energy mix.
“This 1 GW investment directly addresses our national crisis by providing reliable, clean, non-hydro dependent power,” he remarked.
“With such partnerships, we are on track to meet our target of adding 1,000 megawatts of new solar power to the grid and ending load shedding.”
Hichilema further stated that the project is timely, as Zambia continues to face prolonged droughts that are impacting hydropower stations and resulting in electricity shortages.
Edha Nahdi’s Group Completes Acquisition of Bamburi and EAPC
He reaffirmed the country’s objective of generating 10 GW of new power by 2030 under the Mission-300 initiative, which aims to provide electricity to 300 million Africans.
The power plant deal follows Amsons Group’s successful acquisition of Bamburi Cement and the securing of a controlling stake in EAPC.
Also Read: Tanzanian Tycoon Moves to Acquire 24.3M Shares in Portland Cement
In December 2024, Amsons Group, through its Kenyan subsidiary Amsons Industries (K) Ltd, completed the acquisition of Bamburi Cement for approximately KSh 23.6 billion (around $180 million). This transaction involved acquiring a 58.6% stake from the Swiss multinational Holcim, ultimately leading to over 96.5% ownership and the delisting of Bamburi Cement from the Nairobi Securities Exchange (NSE).
After the Bamburi deal, Amsons Group pursued a controlling interest in EAPC through two separate transactions:
- First Stake: In November 2025, Kalahari Cement, a subsidiary of Amsons, acquired a 29.2% stake in EAPC from Holcim’s investment vehicles for KSh 718.66 million.
- Second Stake: Kalahari Cement later purchased the entire 27% stake in EAPC from the National Social Security Fund (NSSF) for approximately KSh 1.6 billion.
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