Zimbabwe’s industrial power users have secured $250-million from the African Export-Import Bank to build floating solar panels at the world’s largest man-made lake. The Intensive Energy User Group (IEUG), made up of mining companies including a former local unit of Rio Tinto and Mimosa, plan a 250 MW plant at the Kariba Dam to be implemented in 18 months, according to a copy of its presentation seen by Bloomberg.
That can be expanded to 1 GW of solar capacity. The group received “oversubscribed” interest for financing, Edward Cross, the IEUG chairperson, said in a message. The key step toward realizing the floating solar project comes at a time when the drought-stricken nation is facing record power cuts. Due to low water intake, the Kariba Dam is currently generating an average of 125 MW, just around 11% of its installed capacity. Power cuts can last an average of 18 hours a day.
“This transformative project will will integrate solar energy with existing hydropower infrastructure boosting Zimbabwe’s renewable energy capacity ensuring reliable power,” Afreximbank said in a post on X. IEUG holds a retail supply licence and a 20-year transmission agreement to connect to the national grid.
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