Zimbabwe pushes ahead with floating solar energy project

The development of a floating solar project on Lake Kariba in Zimbabwe is underway, with funding secured for the preparation of bankability and feasibility studies and the procurement of transaction advisors.

The financial impetus is being provided by the African Export-Import Bank (Afreximbank) which has signed a Heads of Terms agreement with Green Hybrid Power Private Limited to provide a $4.4 million project preparation facility for the hybrid floating solar PV power system on Lake Kariba. 

The agreement was signed recently by Kanayo Awani, Executive Vice President for Intra-African Trade and Export Development at Afreximbank, and Eddie Cross, Chairman of Green Hybrid Power Private Limited.

Solar plant to be feed mining, industrial companies

The project will be rolled out in two phases, beginning with a 500MW pilot, said Afreximbank. 

Electricity from the pilot phase will be sold to the Intensive Energy Users Group, a consortium of Zimbabwe’s leading industrial and mining companies, under a 20-year “take-or-pay” power purchase agreement (PPA) at a cost-reflective tariff.

According to the project partners, the initiative aims to supply affordable and reliable power to support the value addition and beneficiation of Zimbabwe’s mineral resources and strengthen the country’s foreign exchange earnings. 

The project preparation facility is expected to unlock total investment estimated at $350m, said Afreximbank.

Zimbabwe looking to floating solar panels to increase output

The announcement follows Zimbabwe’s earlier plans to install floating solar panels at several dams, including Lake Kariba, as part of wider efforts to increase electricity generation capacity. 

Last June, the Secretary for Energy and Power Development, Gloria Magombo, confirmed that an initial 150MW of solar capacity will be installed on Lake Kariba by early 2025.

“This is just the beginning,” Magombo was quoted at the time in local media.

She also revealed that the private sector had submitted applications to develop an additional 600MW of floating solar capacity. While the interested companies were not named at the time, Magombo confirmed plans for a similar installation at Mutirikwi Dam.

Electricity deficit in Zimbabwe

The World Bank, in a December 2023 report, highlighted persistent challenges in the Zimbabwe power sector. 

It said that while the country commissioned an additional 600MW at the Hwange power station in 2023, electricity supply still falls short of demand. In 2020, Zimbabwe’s available generation capacity stood at 1,585MW against a peak demand of 1,900MW, leading to power outages lasting 12 to 14 hours per day.

The report also noted that the government has set ambitious targets for 2030 to ensure reliable energy supply and significantly expand access. However, although there have been improvements in electricity access, the pace of rural electrification has slowed, the World Bank said.

Cover photo:  3D rendering of floating solar, floatovoltaics or solar farm consist of photovoltaic cell on panel, pontoon, water. Source: nachai©123rf.com