The consortium of Guarantee Risk Solar Energy (GRSE), eXess Africa, and Bushveld Energy received approval from the Ministry of Energy of Zimbabwe to develop 3 solar projects with a combined installed capacity of 250 MW.
GRSE is a power developer based in Zimbabwe while Bushveld Energy and eXess are firms based in South Africa. The later will carry out EPC and O&M for the projects.
Project financing was already in progress after the feasibility studies were completed. Local governments will hold stakes in Harare and Bulaweyo projects but not for Goromonzi project. The debt financing of the project worth US$300 million is under discussion with both commercial banks and DFIs. The debt/equity ratio is expected at 70:30.
The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) is negotiating for offtake agreement of 25 years with sponsors
