Zimbabwe has secured a major power deal with Indian company, Shapoorji Pallonji Group, valued at $5 billion. The agreement aims to address Zimbabwe’s ongoing electricity shortages by adding significant power generation capacity to the national grid.
Under the deal, the Shapoorji Pallonji Group will invest in developing a 5,000-megawatt solar power plant in Zimbabwe, a project expected to be completed within the next five years. This partnership is part of Zimbabwe’s broader strategy to diversify its energy sources and reduce reliance on hydroelectric power, which has been hampered by frequent droughts in recent years.
According to Zimbabwe’s Energy Minister, Soda Zhemu, the deal not only focuses on enhancing power supply but also aims to boost the country’s economic growth by creating jobs and attracting further foreign investment. “This partnership marks a significant milestone in our efforts to ensure energy security and support sustainable economic development,” said Zhemu.
Zimbabwe has faced persistent power outages due to a combination of aging infrastructure and reduced output from the Kariba Dam, its primary source of hydroelectric power. The addition of solar energy is seen as a critical step toward stabilizing the country’s power supply.
The new solar plant will be built in phases, with the first phase expected to generate about 1,000 megawatts. This initial output will help alleviate the immediate power shortages that have been affecting households, businesses, and industries across Zimbabwe. Once fully operational, the plant will be one of the largest solar facilities in Africa, providing clean and renewable energy to millions of Zimbabweans.
The Shapoorji Pallonji Group, a conglomerate with extensive experience in construction and infrastructure projects worldwide, expressed confidence in the success of this venture. A spokesperson for the company highlighted the project as an opportunity to contribute to Zimbabwe’s green energy ambitions while fostering economic ties between Zimbabwe and India.
This deal comes at a time when Zimbabwe is actively seeking to attract foreign direct investment to rejuvenate its struggling economy. The government has been pushing for partnerships that can lead to sustainable development, especially in sectors like energy, which is crucial for industrial growth.
While the project still requires regulatory approvals and environmental assessments, both parties are optimistic about its prospects. The success of this initiative could set the stage for more collaborations between Zimbabwe and international investors, opening up new avenues for economic growth.
As Zimbabwe moves toward a future powered by renewable energy, the country hopes to position itself as a regional leader in sustainable development. This new deal is a significant step in that direction, promising not just improved energy security but also a brighter economic outlook for Zimbabwe.
Source: NewZimbabwe.com
