Zimbabwe’s industrial power users have secured $250 million in financing from the African Export-Import Bank (Afreximbank) to develop a floating solar power plant on the world’s largest man-made lake, Kariba dam.
The Intensive Energy User Group (IEUG), which includes major mining companies such as Rio Tinto’s local unit and Mimosa, plans to construct a 250-megawatt solar facility at the Kariba Dam.
According to a presentation reported by Bloomberg, the project is slated for completion within 18 months, with the potential to expand to a gigawatt of solar capacity in the future.
The project has received significant investor interest. “the financing was oversubscribed,” said Edward Cross, IEUG chairman.
This development comes at a critical time for Zimbabwe, a nation grappling with record power shortages due to prolonged drought.
The Kariba Dam, which typically serves as a key hydropower source, is currently producing only 125 megawatts—just 11% of its installed capacity.
As a result, residents and businesses endure power cuts lasting up to 18 hours daily.
“This transformative project will integrate solar energy with existing hydropower infrastructure, boosting Zimbabwe’s renewable energy capacity and ensuring reliable power,” Afreximbank stated in a post on X (formerly Twitter).
The floating solar project represents a strategic move toward diversifying the country’s energy sources while addressing its power crisis.
By leveraging the vast surface area of Lake Kariba, the project aims to mitigate land use concerns while enhancing energy output.
The IEUG holds a retail supply license and has secured a 20-year transmission agreement, enabling the group to connect the solar plant to the national grid.
As Zimbabwe battles the effects of climate change and energy shortages, the Kariba floating solar project signals a hopeful step toward a more sustainable and resilient energy future.
