Zimbabwe Informational Site

STANDARD Bank Group says it has finalised a $120 million debt package with the Zimbabwe Power Company (ZPC) for the rehabilitation of existing power generation infrastructure at Kariba South Hydro and Hwange Thermal Power Stations.

The deal is set to help boost domestic generation capacity and avert power imports in the long term. Zimbabwe is presently grappling power shortages due to low domestic generation hovering around 1 000MW against average demand of 1 400MW and above.

Acute cash shortages in the economy have also seen the power utility failing to service import arrears forcing South Africa’s Eskom recently to give ZESA up to the end of May to clear its $43m debt or risk losing 300MW daily supplies. The country also imports electricity from Mozambique.

As lead arranger for the facility, Standard Bank said it has partnered the Eastern and Southern African Trade and Development Bank (formerly PTA Bank) to deliver the financing.

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