Funds secured for part of 310-MW solar park in Zimbabwe - report

Independent power producer Uhuru Energy has obtained USD 51 million (EUR 43.9m) from an unnamed Chinese investor for the first phase of a 310-MW solar project in Zimbabwe, the Herald Business reports.

The total investment in the project is estimated at USD 300 million, while the first phase alone is expected to require USD 60 million. According to the report, the state-owned Chinese company will provide 85% of the funding and will also build the proposed photovoltaic (PV) plants, while Uhuru Energy's share will be of 15%.

The solar project envisages the construction of solar plants in the city of Bulawayo under the first two stages. Construction on the phase-one scheme is anticipated to begin around September 2018 and take 18 months, Uhuru Energy has told the newspaper.

A power purchase agreement (PPA) with Zimbabwe Electricity Transmission Company and sites for phases three and four of the project have not been secured yet.

(USD 1.0 = EUR 0.860)

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