NEW: Major boost for Lake Kariba’s 1GW floating solar project, as Afreximbank backs deal

Business Reporter

GREEN HYBRID POWER PRIVATE LIMITED has signed a multimillion-dollar deal that paves the way for a major floating solar project on Lake Kariba, the world’s largest man-made water body.

The agreement, a heads of terms for a US$4,4 million project preparation facility, was extended by Afreximbank to Green Hybrid Power, which is owned by businessman Mr Eddie Cross.

The facility is specifically meant to fund crucial preparatory work.

The funds will be deployed towards bankability and feasibility studies, as well as financing transaction advisors, for a planned 1-gigawatt (GW) hybrid floating solar photovoltaic power system situated on Lake Kariba in Zimbabwe.

The ambitious project is structured for implementation in two phases.

The initial pilot phase targets a generation capacity of 500MW.

The entire output from this phase will be sold to the Intensive Energy Users Group, a consortium of prominent industrial and mining energy users in Zimbabwe.

This will be underpinned by a 20-year “take-or-pay” power purchase agreement featuring a cost-reflective tariff.

The project is anticipated to deliver affordable and reliable power, supporting value addition and beneficiation of Zimbabwe’s minerals.

This, in turn, is expected to boost the country’s foreign exchange earnings.

This project preparation facility represents a vital first step, unlocking an estimated investment of US$350 million for the full development.

The agreement was formalised at the 32nd Annual Meetings of Afreximbank (AAM2025) held last month in Nigeria.

Mrs Kanayo Awani, executive vice president for Intra-African Trade and Export Development, signed on behalf of Afreximbank, while Mr Cross, as chairperson of the firm, signed for Green Hybrid Power Private Limited.

This deal formed part of a broader series of project preparation agreements signed by Afreximbank during AAM2025.

The bank inked four such transactions with various entities, collectively expected to unlock investments valued at approximately US$1 billion.