BULAWAYO, March 30 (The Source) – Chinese energy company Chint Electric Company through its local partner Intratrek Zimbabwe says it expects to start work on its $750 million solar project in Gwanda in the second half of the year, an official has said.
Intratrek managing director, Wicknell Chivayo told The Source that the company was tying up loose ends with the Zimbabwe Power Company in preparation to start work this year.
“(The solar plant) has to be this year. To be more precise we must be moving on site in the next four to six months,” said Chivhayo.
“At the moment we still have some regulatory issues we are sorting with ZPC and once that is done we will get on with the project. We have already secured the farm where the project will be implemented.”
According to an engineering, procurement and construction report for the project, it will involve solar panels mounted on the ground with modular inverters setup to power generators, which would then transmit energy to the national grid in Bulawayo. Such power would also feed into Gwanda and Masvingo grids.
Chint will provide capital to the tune of $250 million for the first phase 100 MW project.
The company will also help raise capital at a concessionary six percent interest per annum over a 12-year period.
Chint will take a 15 percent stake in the venture, while the remainder will be in the hands of local companies.