USD$250 million floating solar project takes shap...

USD$250 million floating solar project takes shape

Philemon Jambaya

Zim Now Editor

Zimbabwe's industrial power users have secured a whopping $250 million from the African Export-Import Bank (Afreximbank) to build a revolutionary floating solar panel project at the iconic Kariba Dam.

The brainchild of the Intensive Energy User Group (IEUG), comprising mining giants such as Rio Tinto and Mimosa, this ambitious project aims to generate 250 megawatts of clean energy, with the potential to expand to a staggering 1 gigawatt of solar capacity.

"A game-changer for Zimbabwe's energy landscape"

The IEUG's chairman, Edward Cross, expressed his delight at the "oversubscribed" interest from financiers, paving the way for the project's implementation within the next 18 months.

As Zimbabwe grapples with record power cuts, exacerbated by drought-induced low water levels at the Kariba Dam, this project offers a beacon of hope. The dam's current power generation stands at a mere 125 megawatts, a fraction of its installed capacity.

"A transformative project that will integrate solar energy with existing hydropower infrastructure, boosting Zimbabwe's renewable energy capacity and ensuring reliable power," Afreximbank noted in a statement.

The IEUG holds a retail supply license and a 20-year transmission agreement, enabling the group to connect to the national grid. This visionary approach is set to redefine Zimbabwe's energy sector, ushering in a new era of sustainability and reliability.