Sunco Power seeks financing for 20-MW solar project in Zimbabwe

Sunco Power Co Pvt Ltd is looking to obtain financing for a 20-MW solar photovoltaic (PV) park to be constructed in the southern part of Zimbabwe.

The Zimbabwe-registered start-up is in the process of obtaining a piece of land of about 300 acres (121.4 ha) for the project from one of the rural district councils close to Bulawayo in Matabeleland province.

Sunco Power is currently in the process of applying for permission with the Zimbabwe Energy Regulatory Authority (ZERA), after which it expects to finalise a power purchase agreement (PPA) with the Zimbabwe Electricity Supply Authority, also known as ZESA. In the meantime, the company has engaged UK-based Green Rhino Energy as a consultant on the project.

Sunco Power’s financing plan envisages a USD-22.9-million loan with an effective interest of 10% per annum. Its repayment will be made in 10 years.

The project should be implemented in two phases over a period of 10 months that will start once a financing agreement has been reached.

(USD 1.0 = EUR 0.913)

Choose your newsletter by Renewables Now. Join for free!