Afreximbank, Zimbabwe Plan 1GW Solar

July 23, 2025

Key Figures & Findings: The African Export-Import Bank (Afreximbank), a pan-African multilateral financial institution headquartered in Cairo, has signed a Heads of Terms agreement with Zimbabwe’s Ministry of Energy and Power Development to advance the development of a 1GW solar photovoltaic plant. The deal, inked during the Afreximbank Annual Meetings in Nassau and witnessed by President Emmerson Mnangagwa, marks a significant step in Zimbabwe’s broader energy diversification agenda. The upcoming feasibility studies are expected to define location, structuring, and grid integration pathways for the 1GW facility, anticipated to be one of the largest solar projects in Southern Africa.

Statistics & Insights: The proposed plant will deliver 1,000 MW in phases, with environmental and technical studies expected to commence by Q4 2025. Project costs and private sector co-developers are yet to be finalized.

Future Implications: If executed on schedule by 2028, the solar plant could sharply reduce Zimbabwe’s energy import bill and increase solar’s share of the national mix beyond 25%. It would also position Afreximbank as a principal lender for Africa’s utility-scale renewable energy buildout.