Zimbabwe secures $250m for floating solar project at Kariba Dam

Zimbabwe’s industrial power users, represented by the Intensive Energy User Group (IEUG), have secured $250 million in financing from the African Export-Import Bank (Afreximbank) to develop a floating solar project at Kariba Dam. 

The project, which will have an initial 250MW capacity, is expected to be completed by mid-2026, with plans to expand to 1GW in phases. Each 250MW phase will cost $250 million.

The project is critical as Zimbabwe faces ongoing power shortages exacerbated by a prolonged drought. The Kariba Dam, currently operating at just 11% of its installed capacity, generates only 125MW. By integrating solar energy with the existing hydropower infrastructure, the project will ensure a more reliable power supply.

Afreximbank expressed strong backing for the initiative, which received oversubscribed interest during a meeting at the Africa Investment Forum in Rabat, Morocco, in December 2024.

 IEUG chairman Edward Cross highlighted the project’s role in enhancing Zimbabwe’s energy security and underscored the need for a $3 billion investment in the country’s transmission infrastructure over the next five years to enable power distribution from surplus to deficit areas.