HARARE – The African Export-Import Bank (Afreximbank) has pledged to finance a 250-megawatt (MW) floating solar power project at Kariba Dam, spearheaded by Zimbabwe’s largest electricity consumers, predominantly mining companies.
According to The ZimLive, The ambitious project will see the installation of millions of floating solar panels on Kariba Dam, the world’s largest man-made lake. Power generation is expected to commence 18 months after construction begins.
Afreximbank highlighted its commitment to the project during the recently concluded Africa Investment Forum in Morocco. The bank described the initiative as a game-changer for Zimbabwe’s energy sector.
“This transformative project will integrate solar energy with existing hydropower infrastructure, boosting Zimbabwe’s renewable energy capacity and ensuring reliable power for industries and mining under a 20-year Power Purchase Agreement,” Afreximbank stated.
The initiative is being driven by the Intensive Energy User Group (IEUG), which represents Zimbabwe’s major mining companies, including former Rio Tinto operations and Mimosa. According to IEUG chairman Edward Cross, financing interest for the project was “oversubscribed.”
The solar facility, to be implemented by Green Hybrid Power, is part of a broader plan to generate 1,000MW of renewable energy in phases of 250MW, with each phase costing approximately US$250 million.
Cross noted that the mining sector accounts for about 90 percent of the IEUG’s members and represents 40 percent of Zimbabwe’s domestic electricity demand.
Zimbabwe currently faces a daily power deficit of around 600MW, attributed to low water levels at Kariba Dam and outdated equipment at Hwange Thermal Power Station. This has led to rolling power cuts lasting up to 18 hours in some areas.
Excess energy from the solar project will be sold regionally, with Zambia’s Copperbelt seen as a key export market.
“We have formed a company to invest in new power generation and another for transmission and distribution. Over the next five years, we estimate US$3 billion is required for transmission infrastructure to move power from surplus to deficit areas,” Cross explained.
The project is part of a broader vision to address southern Africa’s energy challenges while capitalising on the region’s growing industrial demand, including anticipated copper production in Zambia and the Democratic Republic of Congo (DRC).
“This surge in copper mining investment is also driving related infrastructure projects, such as the development of railway lines and other regional initiatives,” Cross added.
The Kariba solar initiative marks a significant step toward renewable energy adoption in Zimbabwe, offering a pathway to stabilise the country’s power supply and stimulate industrial growth.
