Afreximbank Backs Kariba Solar Initiative

Key Figures & Findings: Afreximbank a pan-African multilateral financial institution established to finance, facilitate, and promote intra- and extra-African trade has committed to funding a transformative 250MW floating solar power project on Zimbabwe’s Kariba Dam, driven by the Intensive Energy User Group (IEUG), representing major mining companies. The initiative integrates solar power with existing hydropower systems, ensuring steady electricity for industries and mining under a 20-year Power Purchase Agreement. Spearheaded by Green Hybrid Power, this project also aims to tackle Zimbabwe’s electricity deficit, currently at 600MW due to aging infrastructure and low water levels.

Statistics & Insights: The first phase of this renewable energy venture will cost $250 million, contributing to the broader goal of generating 1,000MW in stages. Mining companies, consuming 40% of Zimbabwe’s electricity, will benefit significantly, Excess energy will be exported regionally, with Zambia’s Copperbelt emerging as a key market.

Future Implications: The solar project, expected to commence operations within 18 months, could stabilize Zimbabwe’s energy supply and foster industrial growth. By 2028, regional infrastructure projects tied to this initiative could catalyze economic development, especially in Southern Africa’s mining-driven regions.

Source:  The Zimbabwe Mail