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Mining co in Zimbabwe plans 300-MW solar park

Solar modules. Author: Oregon Department of Transportation. License: Creative Commons, Attribution 2.0 Generic.

July 25 (Renewables Now) - The power generation arm of Karo Mining Holdings intends to build a 300-MW solar park to power the planned platinum group metals (PGMs) mining complex in the Great Dyke, Zimbabwe.

The initial plan was to construct a 600-MW thermal power plant at the site, but it was subsequently agreed to build a renewable energy facility instead, subject to the issue of an independent power producers (IPP) licence, according to information on the company’s website.

Reuters quoted Karo’s country manager Josephat Zimba as saying that the company has picked the solar power option after discussions with the Zimbabwean government.

The mining project will be realised in partnership with the government under an investment project framework agreement that was signed in March 2018.

A company official told Reuters that Karo has various funding options for the USD-4.2-billion (EUR 3.6bn) venture, including bank finance, equity or funds from shareholder Tharisa Plc (JSE:THA).

(USD 1.0 = EUR 0.854)

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Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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