Zambia's MCL will build a 300 MW coal-fired power plant over two years, starting in August, its local shareholder ZCCM-IH announced.
The country has been importing and rationing electricity after a drought hit hydropower generation, the main power source for Africa's second-largest copper producer.
ZCCM-IH stated that Maamba had secured financing with anchor lenders for the plant's construction.
"The project's total cost is estimated at $400 million, with a consortium of debt investors financing about $300 million," the statement read.
Maamba has already signed a 20-year power purchase agreement with Zambia's state-owned ZESCO for the project.
Additionally, Maamba set up its first 300 MW coal-fired power plant in 2016 under the initial phase of its power generation business.
The new power plant will be identical to the existing plant and will consist of two generating units of 150 MW each, increasing the total number of generating units to four.