Zimbabwe Power Users Raise US$250 Million For Floating Solar Plant At Lake Kariba
Zimbabwe’s industrial power users, including mining companies, have secured US$250 million from the African Export-Import Bank to build floating solar panels at Lake Kariba, the world’s largest man-made lake.
According to Bloomberg, the Intensive Energy User Group made up of mining companies including a former local unit of Rio Tinto and Mimosa, plans a 250-megawatt solar plant with the potential to expand to 1 gigawatt of solar capacity.
The plant is expected to be implemented within 18 months.
Edward Cross, the IEUG chairman, said that the group received “oversubscribed” interest for financing.
Zimbabwe is currently facing severe power shortages due to drought, with the Kariba Dam generating only 125 megawatts (around 11% of its capacity) due to low water levels.
IEUG holds a retail supply licence and a 20-year transmission agreement to connect to the national grid.
In a statement posted X, Afreximbank said that the project will integrate solar energy with existing hydropower infrastructure boosting Zimbabwe’s renewable energy capacity and ensuring reliable power. Reads the post:
At a Boardroom session during Africa Investment Forum 2024, Afreximbank showcased its support for Green Hybrid Power’s 1,000-megawatt hybrid floating solar photovoltaic facility on Lake Kariba, Zimbabwe.
This transformative project will integrate solar energy with existing hydropower infrastructure, boosting Zimbabwe’s renewable energy capacity and ensuring reliable power for industries and mining under a 20-year Power Purchase Agreement.
With an initial phase targeting 250 MW at $250M, Afreximbank’s Project Preparation Facility, signed in April 2024, is driving feasibility studies and engineering designs.
Chaired by Mr. Zitto Alfayo, Head of Project Preparation Unit, this initiative underscores Afreximbank’s commitment to sustainable development, green economies, and fostering trade through reliable energy.
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