The 5MW Great Zimbabwe Hydropower Project has been officially launched at the Mutirikwi Dam wall. Funded through a mix of local pension funds and international capital, the project was completed through the collaboration of several investors, including Old Mutual Zimbabwe, which played a key role in financing the initiative. Samuel Matsekete, CEO of Old Mutual Zimbabwe, highlighted the importance of public-private partnerships in driving economic growth.
Other investors in the project include the Public Service Pension Fund, ZB Financial Holdings, Frontier Energy, MOL Power, and the Danish Investment Fund, with local contractors JR Goddard and Masimba Holdings handling construction.
Earlier this year, the Zimbabwean government introduced tariff guarantees for independent power producers, including the Great Zimbabwe Hydro, offering a tariff of 9 cents per kilowatt hour to promote renewable energy development. Memory Mashingaidze, co-founder of Great Zimbabwe Hydro Power, expressed pride in the project’s completion and its role in Zimbabwe’s energy sector.
This marks the first project in Zimbabwe for Frontier Energy, backed by British International Investment. Kim Gredsted, co-founder of Frontier Energy, emphasized their commitment to expanding Zimbabwe’s renewable energy capacity.
To facilitate the commissioning, ZESA temporarily cut off power to certain areas of Masvingo Province. The plant utilizes two 2.7 MW Francis turbines, providing a combined capacity of 5.4 MW.
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