- The Industrial and Commercial Bank of China (ICBC) has confirmed that it will not fund the new build 2800 MW Sengwa coal plant in Zimbabwe.
- The news may mark the end of new build coal fired power plants in Africa as China is seen as the last bastion for funding for such projects.
Bloomberg reports that Industrial and Commercial Bank of China has told Go Clean ICBC, an ad-hoc body representing 32 environmental groups, that it has walked away from the 2800MW Sengwa coal project in northern Zimbabwe.
The Sengwa project was being developed by RioEnergy Ltd and construction was to be carried out by the China Gezhouba Group. Power Construction Corp China was appointed to contruct the transmission infrastructure.
The Go Clean ICBC coalition of environmentalists, mostly from countries hosting ICBC coal projects, was formed in January to urge the bank to switch its investments to clean energy like solar and wind power.
Author: Bryan Groenendaal