Online Reporter
Oliver Kazunga
Senior Business Reporter
ZIMBABWE’S standing as a bankable investment destination continues to gain traction, anchored by a planned 150-megawatt solar power project in Marondera set to attract US$160 million in foreign direct investment.
The transformative Rufaro Solar Power Project expected to be completed in 2027, will be developed starting next year, through a partnership between De Green Rhino Energy (Private) Limited, a local Zimbabwean company, and Green Power, a renewable energy developer with growing international footprint.
Addressing the media recently, Green Power chief executive officer Mr Jordan Assassa who was in the country said their project would be instrumental for Zimbabwe’s infrastructure creating over 250 000 homes of renewable electricity.
“It will bring green energy to local communities, schools and hospitals and its going to be a fantastic project.
“Not only that, this solar project which we’ll be launching in Q2 of next year will be bringing US$160 million of international investment into Zimbabwe.
“This is a catalytic project because it will show to other foreign investors that Zimbabwe is now in a new era; it is bankable and has the security for this type of project and will attract future international investment.”
Under the Second Republic, the country continues to emerge from the challenges and shadows of the First Republic to a new era of growth, although from a low base and amid a debt overhang, which is a drag on the economy.
The Government — through Vision 2030 — has been pulling out all the stops with its Zimbabwe is “open for business” mantra to attract significant investment and accelerate the process to fix the country — from infrastructure, energy to mining projects, and new investments like
the US$1,5 billion Dinson Iron and Steel Company’s Manhize project has become a major investment showcase.
It is hoped that the Rufaro solar project will be completed in 2027 creating over 500 jobs during the construction phase with opportunities spanning engineering, civil works, administration and technical support.
Beyond the develoent stage, the project will create permanent jobs in operations and maintenance.
De Green Rhino Energy chief executive officer Mr Francis Gogwe expressed gratitude over the partnership agreement with Green Power.
“We are excited to host Green Power in Zimbabwe.
“Their presence gives confidence to other investors who, in the past, hesitated or made unreasonable demands before committing.
“With Green Power, we have reached the final bus stop — this project is going ahead.”
Known globally for developing large-scale renewable energy projects, Green Power which has other investments in South Africa, United Kingdom, Germany, Italy and Jamaica, among others, brings a strong balance sheet, deep experience, and a commitment to Sustainable
Development Goals (SDGs) including education, renewable energy expansion, and community empowerment.
Beyond the Rufaro project, Green Power are already working on an additional 60MW solar initiative in Mutorashanga, along with plans to integrate Battery Energy Storage Systems (BESS).
“We are developing another 60MW renewable project in Mutorashanga.
“So, we’re looking at developing further projects as well as adding BESS which is very critical for the stabilisation of the national electricity grid,” he said.
Unlike with most projects of such magnitude, Green Power has contracted a 100 percent a local Engineering, Procurement and Construction (EPC) provider, meaning that jobs, skills, and economic benefits as well as most of the project expenditure circulates within Zimbabwe.
“I am happy that we are already mobilising the EPC to be on site.
