Purple Rose Technologies, a local firm, is looking to raise close to US$62 million to establish a 50-megawatt solar photovoltaic (PV) plant in Mashonaland West. This project aims to address Zimbabwe’s ongoing power shortage, where current electricity production of 1,000MW to 1,500MW falls short of the national demand of over 2,000MW.
The power deficit stems from underperformance at the Kariba South Hydropower Station, due to reduced water levels, and technical challenges at Hwange Thermal Power Station.
According to a prospectus, Purple Rose plans to raise US$61.86 million from a mix of equity and local pension funds. Investors, including pension funds, could gain up to 30% ownership in the project, along with board representation and dividends from the first profitable year.
The solar farm, set to be built in Mutorashanga, will feature four fields, each producing around 12.5MW, using monocrystalline photovoltaic panels with a single-axis tracking system. An advanced simulation estimates an annual energy yield of 128,782 megawatt hours.
Soventix Pty Ltd, a technical partner, will design and install the on-grid solar farm. Soventix Pty is a subsidiary of German-based Soventix GmbH, which specializes in solar photovoltaic plants. Purple Rose will also enter agreements with equipment manufacturers for the necessary solar and electrical components.
The feed-in tariff for the project is set at US$0.078 per kWh, as per the Zimbabwe Energy Regulatory Authority’s tariff guidelines.
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