Source: Kariba solar project nears financial closure – herald
Rutendo Nyeve
THE first phase of Zimbabwe’s landmark 600-megawatt Kariba Floating Solar Project is nearing financial closure, marking a major milestone in the Second Republic’s drive to diversify the country’s energy mix.
Energy and Power Development Minister July Moyo announced the development, while addressing delegates at the Southern Africa Eco-Infrastructure Summit 2026 in Victoria Falls on Wednesday.
The project, which will see floating solar panels installed on Lake Kariba, forms part of Government’s broader strategy, which dovetails with Vision 2030, the National Development Strategy 2 (NDS2) and the National Renewable Energy Policy, which seek to increase electricity generation, attract private sector investment and build climate-resilient energy infrastructure.
Minister Moyo said the first privately funded project has reached the financial closure stage, while a second proposal is undergoing Environmental Impact Assessments (EIAs).
“We are looking at three systems that we have applied to do solar on the lake. Another one is undertaking environmental impact studies. All these are private sector projects and the first one is reaching financial closure,” he said.
“I was a member of that committee even before I became a minister. It took us two years of painstaking studies.”
The floating solar project is being spearheaded by the private sector under a public-private partnership (PPP) model, reflecting Government’s policy of leveraging private capital to bridge Zimbabwe’s infrastructure financing gap.
According to project details, the first phase, with an initial generation capacity ranging between 150MW and 500MW, is being developed by Green Hybrid Power, a special purpose vehicle backed by the Intensive Energy Users Group (IEUG), which comprises some of Zimbabwe’s largest mining and industrial electricity consumers.
Preparatory work has already received a US$4,4 million facility from Afreximbank, while the consortium is reportedly finalising a US$400 million investment package, with financial closure expected later this year.
Minister Moyo said extensive technical studies were undertaken over two years to determine whether the existing transmission infrastructure at Kariba could accommodate the additional electricity generation.
“First, we had to establish whether the Kariba grid, which is already carrying about 1 050 megawatts, would be able to accommodate another 600 megawatts, even if implemented in phases of 150 megawatts at a time,” he said.
“Based on the hydrology studies that were conducted, we concluded that it will become increasingly difficult to consistently generate 1 500 megawatts from hydropower alone. Therefore, the floating solar project will complement rather than replace hydroelectric generation.”
Minister Moyo said coordination among Government ministries, regulatory authorities and the private sector had been critical in moving the project forward.
“Coordination is very important and we work as one Government together with the private sector,” he said.
The project is part of Government’s long-term response to climate change, which has significantly affected water inflows into Lake Kariba and reduced hydroelectric generation capacity in recent years.
Minister Moyo said his ministry continuously monitors water inflows into the Zambezi River system and Lake Kariba to guide electricity generation planning.
“Every week, I monitor water flows from upstream before the Barotse Plains up to Victoria Falls. I also monitor the water levels at Kariba itself, including the percentage of usable water, and over the years those levels have continued to decline,” he said.
The minister noted that Zimbabwe contributes only about 30 percent of the water flowing into Lake Kariba, with the remainder originating from Zambia, Angola, the Democratic Republic of Congo and the Barotse Plains.
Minister Moyo said Government’s strategy is to develop complementary renewable energy sources that reduce dependence on hydropower while improving the reliability of electricity supply.
He said the second floating solar project remains at the environmental assessment stage, while Government is also promoting mini-hydropower projects across the country.
“We have adopted the same strategy with mini-hydro projects such as those on the Kumbe River, where water from one generating station feeds another downstream. We also have private sector investors working on projects that will generate an additional 30 megawatts,” said Minister Moyo.
The Kariba Floating Solar Project is expected to play a pivotal role in achieving the targets of the National Renewable Energy Policy, which seeks to increase the contribution of renewable energy to the national grid, while supporting Zimbabwe’s commitments under the National Climate Change Response Strategy and the NDS2.
Once fully implemented, the 600MW project is expected to significantly reduce electricity shortages, improve energy security, support industrial growth, attract investment, create thousands of jobs and position Zimbabwe as a regional leader in innovative renewable energy technologies.
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