Elsewedy Electric for Trading and Distribution, a subsidiary of Elsewedy Electric, inked a contract with Toyota Tsusho Corporation on August 28 to jointly design and construct two 50-megawatt photovoltaic power plants in Zambia, attempting to make them the largest ever in Africa, Invest-Gate reports.

The signing came on the sidelines of the seventh Tokyo International Conference on Development in Africa (TICAD 7) in Japan, in the presence of President of Zambia Edgar Longo and Minister of Investment and International Cooperation Sahar Nasr, according to a recent ministerial statement.

Nasr revealed that the deal, which also includes setting up one of the world’s largest systems to store solar energy in batteries in the cities of Mongu and Sesheke, will be funded by the Japan International Cooperation Bank (JBIC) for the Zambian Ministry of Energy. However, the total cost was not disclosed yet, according to the statement.

For his part, Toyota Tsusho President and CEO Ichiro Kashitani said his company wants to wield both power stations as a key model in Africa and as a way to penetrate the Southern African market, ensuring that they will be completed by 2021, pursuant to Longo’s directives.

Also at TICAD 7, General Authority for Investment and Free Zones (GAFI) signed a memorandum of understanding (MoU) with MUFG Bank, Japan’s largest bank, aiming to set an action plan to boost bilateral investments. Under the agreement, both countries will exchange investment and legislative information, while bolstering the establishment of joint ventures, and organizing workshops between Egyptian and Japanese businessmen, the investment ministry earlier announced.