KEY POINTS
- Afreximbank has issued indicative terms to participate in the Guruve-Mazowe hybrid energy project.
- The development combines 128 megawatts of wind power and 100 megawatts of solar capacity.
- Financial close is targeted for 2027, with commercial operations expected in 2029.
The African Export-Import Bank (Afreximbank) is moving towards financial participation in Zimbabwe’s proposed Guruve-Mazowe hybrid renewable energy project, a development expected to strengthen electricity generation through a combination of wind, solar power and battery storage.
The bank issued indicative Heads of Terms on Nov. 10 to join the project as a commercial partner, according to an announcement by project developer Modaso Energy.
The development is being undertaken by Modaso Energy, a MISA Group company, in partnership with Zimbabwean energy developer Tatanga Energy.
The project, located in Mashonaland Central, is designed to combine multiple renewable energy sources within a single electricity generation facility.
Project combines wind, solar and battery storage
The proposed development will include 128 megawatts of wind power, 100 megawatts of alternating-current solar photovoltaic capacity and a battery storage system rated at 50 megawatts and 100 megawatt-hours.
According to the developers, the facility is expected to generate approximately 550 gigawatt-hours of electricity annually.
That output would represent about 5% of Zimbabwe’s current annual electricity generation.
The project will connect to the national grid through a single 100-megawatt connection.
If completed as planned, it will become Zimbabwe’s first utility-scale wind farm and its first facility to combine wind, solar and battery storage at this scale.
Meanwhile, the Zimbabwe Electricity Supply Authority (ZESA) is expected to serve as the project’s primary electricity buyer.
Africa GreenCo, through its Zimbabwean subsidiary ZimGreenCo, has also signed Heads of Terms to purchase part of the electricity under a long-term arrangement.
Afreximbank joins project financing structure
Afreximbank’s proposed participation will add a multilateral financial institution to the project’s funding structure.
The financing arrangement is being developed alongside Standard Bank, which is arranging the debt package.
Andrew Masuwa, Afreximbank’s director of client relations for Southern Africa, said the project would contribute to efforts to address electricity shortages and support economic development.
Modaso Energy Chief Executive Officer Ramy Lotfy also welcomed the bank’s participation, describing it as an important development towards bringing the project closer to completion.
The developers are targeting financial close by mid-2027, with construction expected to begin immediately afterwards.
Commercial operations are projected to start in 2029.
The project is expected to support Zimbabwe’s electricity supply while creating opportunities for regional power trade through the Southern African Power Pool.
However, the development must still complete its financing and implementation requirements before construction can proceed.
