Zimbabwe’s $400 Million Kariba Floating Solar Project Targets October Financial Close
Zimbabwe’s planned floating solar power project on Lake Kariba is targeting financial close by October, with developers advancing a financing package valued at approximately US$400 million.
The project is being developed by Green Hybrid Power, a special-purpose vehicle established by the Intensive Energy Users Group, which represents some of Zimbabwe’s largest mining and industrial electricity consumers.
The floating solar facility will be installed on the Kariba reservoir alongside the existing hydropower station, allowing solar generation to complement rather than replace hydropower.
The overall scheme is designed to reach approximately 600 MW, although the initial development phase has been reported at between 250 MW and 500 MW, with the project expected to be implemented in stages.
Energy and Power Development Minister July Moyo said technical, engineering and hydrological studies have confirmed that the Kariba grid can accommodate additional solar generation.
Preparatory work has been supported by a US$4.4 million facility from Afreximbank, which has financed feasibility studies and advisory work required to establish the project’s bankability.
Engineering design, budget preparation and grid-integration studies are now at an advanced stage as developers work towards financial close.
The project comes as Zimbabwe continues to face electricity supply challenges linked partly to low water levels at Kariba, which have reduced hydropower generation during periods of drought.
Floating solar could help diversify the country’s electricity mix while making use of existing grid infrastructure around the Kariba hydropower facility.
The project is also expected to support Zimbabwe’s mining and industrial sectors, which require reliable electricity for operations.
If financial close is achieved as targeted, the Kariba floating solar project could become a major addition to Zimbabwe’s renewable energy capacity and provide a new source of electricity to support industrial growth and strengthen national power security.