- The Intensive Energy User Group in Zimbabwe, whose members include Impala Platinum Tsingshan Holdings Group and RioZim Ltd. amongst others, are seeking $182 million to develop 200MW of solar power, according to Norman Moyo, co-founder and chief executive of Grid Africa.
“Talks with various funding partners, such as mining companies, banks, developmental financiers, and vendors like Power China and RIC Energy, are progressing,” said Moyo. “The financing structure will consist of about 70% debt and 30% equity.”
Zimbabwe finds itself in a massive energy crisis with blackouts occurring daily. This has forced several mines to import power from neighbouring Mozambique to operate.
The first phase of the deal focusses on mining companies with ready-to-go solar projects projects that have the necessary licences but lack financing, according to Moyo. “Large mines benefit from dedicated grid infrastructure, enabling them to source power flexibly. Transitioning to local solar generation will offer significant cost and foreign exchange savings compared to importing power,” he said.
Author: Bryan Groenendaal
