IPP in Zimbabwe Wants to be paid in US Dollars – Owed USD 8.6 Million by ZETDC

Google+ Pinterest LinkedIn Tumblr +
  • International news agency, Bloomberg, has reported that Zimbabwe’s state electricity company is awaiting the outcome of international arbitration in a currency dispute with the country’s biggest private power producer that’s holding up other investments.

Nyangani Renewable Energy, which operates solar and hydropower plants in Zimbabwe and Malawi, took the Zimbabwe Electricity Transmission Distribution Company (ZETDC) to the Johannesburg branch of the International Chamber of Commerce to rule on the disagreement over a currency conversion agreement.

“We eagerly await the outcome of the arbitration,” Ian McKersie, the managing director of Harare-based Nyangani said. “If it is favourable, it will allow us to resume the very conducive working relationships we have.”

The dispute was heard on 14TH June. Nyangani says it’s owed USD 8.6 million for power delivered from its 15 megawatt Pungwe B run-of-river hydropower plant. It wants to be paid in U.S. dollars but the Zimbabwe Electricity Transmission and Distribution Co., a unit of Zesa, is seeking to pay in Zimbabwe dollars. Zimbabwe’s currency isn’t accepted outside its borders.

Know more about the Pungwe B Hydroelectric Power Station HERE 

Nyangani has built eight power plants in Zimbabwe since 2009 with a total generation capacity of 32 megawatts.

Author: Bryan Groenendaal


Leave A Reply

About Author

Green Building Africa promotes the need for net carbon zero buildings and cities in Africa. We are fiercely independent and encourage outlying thinkers to contribute to the #netcarbonzero movement. Climate change is upon us and now is the time to react in a more diverse and broader approach to sustainability in the built environment. We challenge architects, property developers, urban planners, renewable energy professionals and green building specialists. We also challenge the funding houses and regulators and the role they play in facilitating investment into green projects. Lastly, we explore and investigate new technology and real-time data to speed up the journey in realising a net carbon zero environment for our children.

Copyright Green Building Africa 2024.