Zimbabwe has secured $250 million from the African Export-Import Bank to develop a floating solar energy project on Lake Kariba, the world’s largest artificial reservoir.
Zimbabwe’s industrial energy users have secured $250 million from the African Export-Import Bank (Afreximbank) to develop a floating solar energy project on Lake Kariba, the world’s largest artificial reservoir.
The Intensive Energy Users Group (IEUG), comprising major mining companies such as Mimosa and a former local subsidiary of Rio Tinto, plans to construct a 250-megawatt solar power plant within 18 months, with potential expansion to a 1-gigawatt capacity.
Edward Cross, Chairman of the IEUG, highlighted that the financing received “oversubscription,” reflecting strong investor confidence.
The project comes as Zimbabwe grapples with severe power shortages due to drought-induced constraints on Kariba Dam, which is currently generating only 125 megawatts—about 11% of its installed capacity—leading to power outages lasting up to 18 hours a day.
Afreximbank described the initiative as a “transformative” step to enhance Zimbabwe’s renewable energy production by integrating solar power with existing hydroelectric resources, improving energy reliability.
The IEUG holds a retail supply license and a 20-year agreement to connect the solar plant to Zimbabwe’s national grid, ensuring long-term energy distribution.
