Mr Mundende, who was speaking during a press briefing at the Trade Fair in Ndola, said the company was alive to the fact that there could be extensive load shedding as demand for electricity increased.
He said the new mining projects and consistent economic growth also continued to push the country into a power deficit as demand is outstripped by supply.
Mr Mundende said the funds would be sourced from financial institutions such as World Bank, Africa Development Bank and the European Investment, among others.
“But these institutions require certainty that Zesco will be able to pay these loans. This can only be achieved through having cost-reflective tariffs from which we get our income. But these investors have also been encouraged by the rising demand as evidenced by the entry of independent power producers,” Mr Mundende added.
He said the company has entered into power supply agreements with a number of independent power producers.
Mr Mundende said the company has in the short term resorted to purchasing and importing power, adding that the company would also grow its supply by developing new power projects as a long-term measure.
He said Zesco has so far distributed about 1,600 energy-saving bulbs across the country, which has resulted in a saving of 85 megawatts.
Zambia daily mail