Africazine: Afreximbank Takes Bold Steps Towards Solar Power Initiative in Zimbabwe
By Sully Manope, Southern African Correspondent, Windhoek
In a transformative move for renewable energy in Africa, Afreximbank has recently signed a Heads of Terms agreement to kick off a groundbreaking .4 million project preparation facility for Green Hybrid Power Private Limited. This project aims to set the stage for an impressive 1,000 megawatt (1GW) hybrid floating solar photovoltaic power system on the majestic Lake Kariba, Zimbabwe—a key location that holds immense potential for sustainable energy generation.
The ambitious initiative is set to unfold in two phases, with the first phase targeting a generation capacity of 500 megawatts. Notably, this energy will be sold entirely to the Intensive Energy Users Group, a consortium of some of Zimbabwe’s leading industrial and mining entities. They will operate under a 20-year power purchase agreement featuring a “take-or-pay” model, ensuring a cost-reflective tariff. This structure aims to guarantee affordable and reliable power, which is critical for the value-addition and beneficiation of Zimbabwe’s rich mineral resources. As a result, the project is expected to significantly boost the country’s foreign exchange earnings.
Afreximbank highlights that this project preparation facility is not just a milestone for energy development; it is poised to unlock an estimated investment of 0 million. This investment reflects the growing confidence in Zimbabwe’s energy sector and the broader African commitment to renewable resources.
The agreement was officially signed by Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development for Afreximbank, and Eddie Cross, Chairman of Green Hybrid Power Private Limited. Their collaboration represents a significant step forward in green technology, aligning with global trends towards a sustainable energy future.
As the world increasingly shifts its focus to renewable energy, initiatives like this one in Zimbabwe serve as a beacon of hope for sustainable development across the continent. With its favorable conditions and governmental support, Zimbabwe is stepping into the spotlight as a leader in the African renewable energy space, paving the way for a greener future in the region.
Tags: #Zimbabwe #RenewableEnergy #BusinessNews #WorldNews
