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ZIMBABWE SOLAR FARM RECEIVES US$52m GUARANTEE
Gwanda solar farm, Zimbabwe receives US$52m guarantee.
Part of Zimbabwe national strategic power projects, Gwanda solar farm have received a US$52m guarantee from CHiNT Electric. The Chinese electrical engineering group is ready to provide a guarantee covering 30% of the Engineering, Procurement and Construction (EPC) aspect of the 100MW solar project. This solar project certainly comes with the expectation of closing the country’s severe shortage of power.
The project contractor, Zimbabwe Power Company (ZPC), has a contractual obligation to effect payment equivalent to 30% of the EPC project cost. But this is dependent upon receiving the advance payment demand guarantee from CHiNT Electric.
Construction cost of the Gwanda solar plant drop to US$132 million from initial US$172 million. Due to the falling costs of constructing solar energy plants across the entire world.
The implementation of the solar project will also receive a massive boost following President Mnangagwa’s State visit to China.