News flash
- Afreximbank also signed a Heads of Terms agreement for a US$4.4-million project preparation facility in favour of Green Hybrid Power Private Limited.
- The facility will be deployed towards the preparation of bankability and feasibility studies and procurement of transaction advisors for a 1-Gigawatt (GW) hybrid floating solar photovoltaic power system on Lake Kariba, Zimbabwe.
The project, to be implemented in two phases, includes a pilot phase targeting a generation capacity of 500 MW to be sold wholly to the Intensive Energy Users Group, a consortium of blue-chip industrial and mining energy users in Zimbabwe, under a “take-or-pay” 20-year power purchase agreement with a cost-reflective tariff. The project is expected to supply affordable and reliable power that will support value-addition and beneficiation of Zimbabwe’s minerals, thereby boosting the country’s foreign exchange earnings.
The project preparation facility will unlock an investment estimated at US$ 350 million.
Author: Bryan Groenendaal
