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UK-based Company Acquires A 100MW Victoria Falls Solar Park Project For £10 Million

UK-based Company Acquires A 100MW Victoria Falls Solar Park Project For £10 Million

A United Kingdom-based Kibo Energy PLC, has acquired the Victoria Falls Solar Park project for £10 million (about US$13 million).

Listed on London’s Alternative Investment Market (AIM), Kibo Energy confirmed the acquisition of the project from Broomfield International Ltd in a statement Monday. Said Kibo CEO Louis Coetzee:

We are pleased to have been in a favourable position to participate in this Transaction, which is timely, following the Company’s strategy to disinvest from fossil fuels and focus on renewable and clean energy projects.

Drawing from our investments into the reserve power market, development of waste-to-energy projects in Southern Africa and the UK, as well as strategic partnerships with key long duration energy storage players, we are positioning the company for growth.

This places Kibo at the heart of a very bright and renewable future for energy.

He added that the near-production renewable energy assets all have a time horizon of fewer than 18 months to the first production.

The project was primarily conceived for self-consumption and, in particular, to supply power to the company’s data centre and a commuter rail electrification project.

However, developers did not rule out selling some of the generated power.

According to Kimbo, the project rollout is being implemented in phases of 25MW, starting with 5 MW being connected to the grid in April 2022 and 20 MW before December 2022.

This is happening when the demand and need for fully renewable power in Zimbabwe are now recognized as a national priority and backed up by Zimbabwean government policy directed at infrastructure investment.

Zimbabwe experienced a huge shortage of electricity in the past two years as local power generators produced insufficient power due to faults. The southern African country couldn’t import enough from regional power utilities due to huge debts that need to be cleared first.

More: NewZimbabwe.com


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11 Comments

Freeman 1 month ago

Where are the sanctions ZPF cries about?..where is tafadzwa mugwadi?...is this the "vene bayo" who build their country. 42 years of lies & underdevelopepment...shame


doug 2 months ago

Is this not the same solar power station which had 5Megawatts commissioned by the President about a week ago? The company was said to be run by young black Zimbabweans. 100Megawatts in 18 months should really put the country at an electric power advantage.


J 1 month ago

@doug we are now in election season so we are about to be bombarded with mega deals and unachievable goals like this one

Nimrod 1 month ago

If so it has been acquired by a uk based company

Jah🇿🇼Tsvarie-07 2 months ago

Boko*


FormePoliceBoss VaChihuri 2 months ago

Pasi neZanu Pf Pasi Nayo VOTEFORCCC


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Jah🇿🇼Tsvarie-07 2 months ago

Zimbabwe's land is honey, Putin said Africa if properly managed it can come to its rescue. the WEST are Zim hungry thirst for its honey 😀

musadyiwe netsananguro UK in Parliament Zim their agenda when Putin and Bolo Haram are killing ✌🏽and ❤ maZimba koo tinorwei tega?


Zvimbazi 1 month ago

Hapana zvawataura

Trapo 2 months ago

NYINI yako khalakshinkovwanzwaM Moyo uriku****


Khalakshinkov 2 months ago

PAMBERI NE ZANU PF IZVI HAZVIGHONEKWE NE KA ccc
VOTE ZANU PF


Generari SHAPOSHNIKOV 2 months ago

Zimbabwe is open for business



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