INVESTORS from major Chinese energy companies have expressed interest in investing in the increasingly lucrative energy sector in Tanzania.
The investors made known their interest at a meeting with the Deputy Permanent Secretary in the Ministry of Energy and Minerals, Dr Juliana Pallangyo, officials from the ministry, Tanzania Electric Supply Company (Tanesco), State Mining Company (Stamico), National Development Corporation (NDC) and Energy and Water Utility Regulatory Authority (EWURA).
Speaking at the meeting, a representative from an association of Chinese business community in Tanzania, Lin Zhiyong said the interest of Chinese investors was to explore opportunities in the energy sector before making decision to invest.
He said a special delegation of Chinese investors are expected in the country next week to collect information on investment opportunities in Tanzania including the Power Sector Master Plan, investment policies and energy sector strategy before signing a Memorandium of Understanding (MoU) for electricity generation.Tanzania is focusing on exploiting its domestic reserves of natural gas as part of its 25 year Power Sector Master Plan, to increase installed generating capacity by 6,000MW, with increases achieved through the development of hydropower, natural gas and thermal generating capacity in the near to medium term.
The representative said the Chinese investors were ready to cooperate with local investors in electricity generation so that the nation gets reliable power which is vital for economic growth.
Meanwhile, Dr Pallangyo said Tanzania’s energy sector is fundamentally attractive for investment, given the country’s growing demand for electricity and available abundant resources and called on the Chinese investors to grab the opportunities for win win situation.
“People want reliable electricity which is stimulant in economic growth, therefore, we welcome you to invest in electricity generation because we have so many sources for power generation such as natural gas, geothermal, coal, solar and wind,” she said.