GABORONE, Botswana / ISTANBUL

Botswana signed a strategic partnership agreement on Thursday with four international investors, including Türkiye’s Ulsan Holding, in a move the government said will strengthen energy security and overhaul the country’s aging electricity network.

The agreement, announced at a ceremony at the National Television headquarters in Gaborone, brings together Ulsan Holding, Thirty-Five Global Links (TFGL), Mercuria Asia Holdings Pte Ltd, and Innovation Global Industries (IGI) as long-term partners in Botswana’s drive to cut reliance on power imports.

President Duma Boko, Minister of Minerals and Energy Bogolo Joy Kenewendo, and Foreign Minister Phenyo Butale attended the signing with company executives.

President Boko said Botswana’s electricity deficit and overstretched transmission system made it necessary to bring in committed global partners.

"I'm going to simplify the discourse, bring it down to brass tacks and say we are net an importer of electricity," Boko said. "This is why we must look elsewhere to supplement what we generate. We are not generating anywhere near enough electricity for our needs."

The president emphasized that the new partnership would enable Botswana to produce its own fuel, diesel, and petroleum by-products domestically, reducing import dependence and creating new export opportunities.

"Ultimately this partnership will carry us to the last phase, which is a coal to liquid phase, where we will be able to generate our own fuel, diesel and other petroleum by-products in-country," he said, adding that Ulsan Holding had already demonstrated "serious commitment" in this regard through action rather than words.

Major step toward energy independence

Minister Kenewendo said persistent shortages and costly electricity imports had pushed the government to accelerate domestic generation.

"We intend to have a sorted electricity generation mixed back with coal and renewable by 2030 in the ratio of 50-50," she said, highlighting that the new partnership would prioritize the rehabilitation of the Morupule A and Morupule B power stations to enhance reliability and efficiency over the next decade.

"So this strategic partnership that we are signing an MOU around today marks a very important milestone in Botswana's long-term efforts to secure electricity generation and affordable electricity for all that are in Botswana," she said.

TFGL chairman Khalid bin Mohammad Al Attiyah said the consortium views the project as addressing one of Botswana’s most urgent national needs.

“This is not merely an infrastructure project,” he said. “It is a matter of national energy security, economic independence, and the future prosperity of every Botswanan.”

He added that "The trust in our consortium represents a defining moment in this nation's history."

Investors highlight long-term gains

Ulsan Holding chairman Fatih Gulsun praised President Boko’s leadership, saying it “inspires not only Botswana but the entire African continent.”

"He has looked at Botswana's energy crisis not as an insurmountable obstacle, but as an opportunity to fundamentally reshape the nation's future through Botswana's Vision 2036," Gulsun said.

"They (Botswana's Ministry of Minerals and Energy) have created an environment where transformative partnerships can flourish, and Botswana will reap the benefits for decades to come," he added.

Mercuria Chief Investment Officer Jianyun Sun said Botswana has the conditions to become a regional energy hub.

"Our role is to make sure electrons, and the fuels that back them, are available when and where Botswana needs them and the surplus is directed in the most efficient way to the most valuable end market with highest pay ability," he said.

Fangzhou Xu, head of international business at IGI, called the initiative a milestone in Botswana’s “transformative energy shift.”

"By leveraging Botswana's National Energy Policy 2021 and the Integrated Resource Plan 2020-2040, we are focusing on delivering scalable renewable investments that drive sustainable growth, improve grid resilience, and enhance energy security," he said.

"Our approach combines innovation, knowledge transfer, and local participation, ensuring that green energy development also translates into long-term economic value for Botswana and its people," he added.