US$400m Kariba floating solar project targets October financial close

US$400m Kariba floating solar project targets October financial close

For all the News from Mashonaland Central, Join One of Our Groups

Zimbabwe is moving towards securing a US$400 million investment to build a 500MW floating solar power station on Lake Kariba, with project planners targeting financial close by October, according to the Intensive Energy Users Group (IEUG).

The proposed development is being undertaken by Green Hybrid Power and would add 500MW to the national grid in its first phase, as the country continues to face power deficits. Official figures put daily generation at between 1 500MW and 1 800MW against peak demand of about 2 200MW.

IEUG chairman Mr Eddie Cross said preparations were now at an advanced stage, including engineering designs, grid integration work and the finalisation of budgets and financial models ahead of a fundraising push.

“We are concluding the final planning for the project,” Mr Cross said. “The design is being finalised, integration with the national grid is being completed and the budgets are being constructed. I hope that we will achieve financial close by October.”

He said that, once financing is secured, tenders would be issued for key components including transmission infrastructure, a battery storage complex and the floating solar facility itself, before construction begins.

To Advertise Inbox Us

The project is expected to be funded by a consortium of Development Finance Institutions, with African Export-Import Bank (Afreximbank) cited as leading the financing process. The planned investment includes a floating solar plant on Lake Kariba, a large-scale battery energy storage system and associated transmission upgrades.

Industry—particularly mining, which is said to account for more than 40 percent of Zimbabwe’s electricity consumption—is expected to be among the main beneficiaries of increased domestic supply. Mr Cross said companies seeking to shift from carbon-intensive energy sources to renewables would be prioritised as global markets place more emphasis on greener production methods.

“Companies that want to convert from coal-based and carbon-intensive power sources to green energy will be prioritised because this is increasingly becoming a requirement in international markets,” he said.

Project developers say the floating installation would occupy less than 0,1875 percent of Lake Kariba’s surface area and is expected to coexist with fishing, tourism and water transport. They also believe it could support aquaculture, including fish farming beneath sections of the installation.

The development aligns with Government plans to expand renewable energy generation, with Zimbabwe targeting 2 100MW of renewable capacity by 2030. It also comes as authorities work to unlock close to US$1 billion in private sector power investments through Treasury-backed guarantees designed to speed up Independent Power Producer projects.

Under that support framework, 27 IPP projects with a combined potential output of around 1 000MW are expected to come on stream, while other large-scale solar projects continue to be developed across the country.

Improved local generation has already eased pressure on foreign currency reserves. Reserve Bank of Zimbabwe data shows the country saved nearly US$92 million last year after increased output from Hwange Units 7 and 8 reduced electricity imports.

If it reaches financial close on schedule, the Kariba floating solar project is expected to strengthen energy security, support industrial growth and advance Zimbabwe’s transition to cleaner electricity generation.

Follow Our WhatsApp Channel for all the News from Mashonaland Central – Bindura, Mbire, Guruve, Mount Darwin, Rushinga, Shamva, Mazowe & Muzarabani