Online Reporter
ZIMBABWE and Zambia picked Synergy Consulting Ltd as lead financial advisor for their planned US$4,5 billion Batoka Gorge hydropower dam project.
The joint venture on the Zambezi River is expected to supply the two countries with as much 2 400 megawatts of electricity upon completion.
The tender process is expected to start in the second quarter of next year.
Synergy, based in Virginia near Washington, will help prepare a request for proposals, shortlist potential bidders and provide other services, Mr Munyaradzi Munodawafa, the Zambezi River Authority’s chief executive officer, said in an interview.
The deal with the US firm, which has had extensive experience working with the World Bank, the International Finance Corporation and other development institutions, was signed earlier this month, he added.
Construction of the dam project was initially scheduled to start in 2020 but was delayed due to the onset of the coronavirus pandemic and difficulties in securing funding.
Zambia previously withdrew from a 2019 contract that had been awarded to General Electric Co and Power Construction Corporation of China, citing irregular procurement methods.
The dam will be developed as a public-private partnership with the two governments retaining a controlling stake, Mr Munodawafa said.
Zambia and Zimbabwe were stricken by power cuts last year after a severe drought curbed hydro-electricity generation at Kariba Dam, which is managed by the ZRA. – Bloomberg
