Zimbabwe’s mining companies are seeking $182 million to develop 200 megawatts of solar power to address the country’s energy shortfall. The project, overseen by Grid Africa in collaboration with the Intensive Energy User Group, includes major mining companies like Impala Platinum, Afrochine Smelting, and RioZim. According to Norman Moyo, Grid Africa’s co-founder, conversations are ongoing with various entities, such as banks, developmental financiers, and energy vendors that could fund the project. He further revealed that the project would be funded with 70% debt and 30% equity. Mining contributes 12% of Zimbabwe’s GDP and 80% of its exports. However, mining companies require more power than the state power company can provide, forcing them to import electricity from neighboring Mozambique to keep operations running. By transitioning to locally generated solar power, the companies aim to reduce costs, improve energy reliability, and boost the sector’s economic contribution.
SOURCE: BUSINESS INSIDER
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