Online Reporter
Oliver Kazunga
Senior Reporter
ZIMBABWE is edging closer to securing a landmark US$400 million investment for a 500MW floating solar power project on Lake Kariba, a development expected to boost electricity supplies, create thousands of jobs and accelerate the country’s transition to clean energy.
The ground-breaking project, being developed by Green Hybrid Power, is targeting financial closure by October, paving the way for the construction of one of the largest renewable energy investments in Zimbabwe’s history.
Once completed, the first phase of the project will inject 500MW into the national grid, providing a major boost to power generation at a time when demand continues to outstrip supply.
The investment comes as Zimbabwe intensifies efforts to strengthen energy security, reduce reliance on electricity imports and support industrial expansion through sustainable power generation.
In an interview last week, Intensive Energy Users Group (IEUG) chairman Mr Eddie Cross said preparations for the project were at an advanced stage, with engineering designs, grid integration plans and financial models nearing completion ahead of a major financing drive.
“We are concluding the final planning for the project.
The design is being finalised, integration with the national grid is being completed and the budgets are being constructed.
“I hope that we will achieve financial close by October. Once that is done, we will proceed to tender for the various components, including the transmission infrastructure, battery storage complex and the floating solar facility itself. Construction will then begin,” he said.
The project is expected to be financed by a consortium of Development Finance Institutions (DFIs), with African Export-Import Bank (Afreximbank) leading the funding process.
Mr Cross said Afreximbank would coordinate financing arrangements for the project as the lead institution.
The planned investment will comprise a floating solar power station on Lake Kariba, a large-scale battery energy storage system and associated transmission infrastructure.
Industry, particularly the mining sector, is expected to be among the major beneficiaries of the project.
Mining currently accounts for more than 40 percent of Zimbabwe’s electricity consumption.
Mr Cross said priority would be given to companies seeking to transition from carbon-intensive energy sources to renewable power as international markets increasingly demand greener production methods.
“Companies that want to convert from coal-based and carbon-intensive power sources to green energy will be prioritised because this is increasingly becoming a requirement in international markets,” he said.
Beyond strengthening electricity supplies, the project is expected to stimulate economic activity and create thousands of jobs during construction and related downstream industries.
The floating solar facility will occupy less than 0,1875 percent of Lake Kariba’s surface area and is expected to coexist with existing economic activities, including fishing, tourism and water transport.
Project developers also believe the initiative could support aquaculture development through expanded fish farming activities beneath sections of the solar installation.
Zimbabwe is currently generating between 1 500MW and 1 800MW daily against peak demand of about 2 200MW.
The Government has identified renewable energy as a key pillar of its long-term energy strategy and is targeting 2 100MW of renewable generation capacity by 2030.
The Kariba floating solar project comes as authorities move to unlock nearly US$1 billion in private sector power investments through Treasury-backed guarantees designed to accelerate Independent Power Producer (IPP) projects.
Twenty-seven IPP projects, with a combined potential output of about 1 000MW, are expected to come on stream under the Government’s investment support framework.
Private sector participation in solar generation continues to gather momentum, with several large-scale projects under development across the country.
Improved domestic generation has started easing pressure on foreign currency reserves.
Official data from the Reserve Bank of Zimbabwe show that the country saved nearly US$92 million last year after increased generation from Hwange Units 7 and 8 sharply reduced electricity imports.
With financial closure now in sight, the US$400 million Kariba floating solar project is poised to become a game-changing investment for Zimbabwe’s energy sector, strengthening power security, supporting industrial growth and advancing the country’s green energy ambitions.
