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Victoria Falls Solar Park project sold for US$13 million

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HARARE – Kibo Energy plc, a United Kingdom renewable energy company listed in London and Johannesburg, has acquired the 100MW Victoria Falls Solar Park project for US$13 million.

The first 25MW of the project is fully funded and under construction, with the first 5MW expected to be in production by end of April 2022. The 25MW is to be connected to the grid by year-end.

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Kibo is buying the project through a share purchase agreement with Brownhill, the company that was developing the project via its subsidiary Power Ventures.

Kibo, which has previously had interests in coal mining, has been moving away from fossils to invest in renewables, and CEO Louis Coetzee, says the Victoria Falls deal ties in with its strategy.

“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,” Coetzee says.

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“The successful completion of this Transaction will scale up Kibo’s footprint in Africa, with the potential addition of renewable energy projects in excess of 100MW with the first 5MW going into production at the end of April and the first 25MW fully funded for construction and commissioning.”

It is connected to the Hwange-Victoria Falls national transmission line, less than a kilometre from the solar facility.

On completion, the project will generate 100 MW of solar power, and is projected to deliver free cashflow (EBIT) of around US$107 million, according to the company.

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In 2020, government invited bids for the installation of 500MW of solar power plants, hoping a shift to renewable energy will help ease crippling power cuts.

But investment into Zimbabwean solar has been slowed by investor doubts that they will be paid in US dollars for supplying power. Government is reluctant to issue IPPs the guarantees they demand.

The Victoria Falls project, however, has a 10-year power purchase agreement denominated in US dollars, and it will supply mining and industrial customers.

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Kibo, has invested in coal assets before, including a 300MW coal-to-power project in Tanzania and Mabesekwa in Botswana. But it is shifting to renewables, with one of its most recent new projects being a 2.7MW plastic-to-syngas power plant in South Africa.

The company’s acquisition strategy has been to target projects that are near production; its renewable energy assets all have a time horizon of less than 18 months to first production. – newZwire

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National

ZESA struggles to meet demand as Hwange fault and Kariba dam water levels bite

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BY WANDILE TSHUMA

Zimbabwe Electricity Supply Authority, ZESA has announced that the national power grid is experiencing reduced electricity generation capacity due to a technical fault at Hwange Power Station and low water levels at Kariba Dam.

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“ZESA Holdings would like to advise its valued stakeholders that the national power grid is currently experiencing reduced electricity generation capacity due to a technical fault at Hwange Power Station,”

“This has been further compounded by low generation capacity at Kariba Power Station, resulting from low water levels.

Our technical teams are actively working to resolve the fault at Hwange to minimize the impact on our customers.”

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ZESA STATEMENT

Meanwhile, the Zambezi River Authority has sounded the alarm on the dire water levels at Kariba Dam, which has dropped to a critically low 2.40%.

This has left Zimbabwe and Zambia facing a precarious electricity supply situation.

As the power cuts continue, communities are feeling the brunt of the outages.

Businesses are struggling to operate, and residents are forced to go without electricity for extended periods. The situation has also affected water supply, communication, and healthcare services.

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Other news organizations and research have highlighted the severity of the power crisis in Zimbabwe.

According to a report by the Zimbabwe Coalition on Debt and Development, the country’s energy sector is facing a myriad of challenges, including aging infrastructure, lack of investment, and a heavy reliance on imported electricity.

The report notes that the power cuts have had a devastating impact on the economy, with businesses losing millions of dollars in productivity and revenue.

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The situation has also affected the livelihoods of ordinary Zimbabweans, who are struggling to access basic services like healthcare and education.

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National

Stepdad accused of killing three months old daughter

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BY STAFF REPORTER 

A Shurugwi stepfather has appeared in court facing allegations of poisoning to death his 3-month-old stepdaughter.

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According to the National Prosecuting Authority, Tatenda Masunda (24) appeared before the Shurugwi Magistrates’ Court facing a murder charge.

The State alleges that on the 3rd of November, at around 5 AM, the accused stopped the infant’s mother from taking the baby with her to a nearby borehole where she intended to do the laundry.

He then retrieved a poisonous substance, commonly used in gold purification, which he had hidden in the yard, and fed it to the infant.

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The accused later brought the visibly distressed and crying infant to the mother.

The mother rushed the infant to Zvamabande Hospital.

She was referred to Shurugwi District Hospital, where the baby was pronounced dead upon arrival.

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The accused fled to Chegutu, where he was arrested on the following day.

He was remanded to the 21st of November
pending investigations.

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National

UK scam lands two in court

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BY STAFF REPORTER 

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Two women have appeared in the Magistrates’ court in Bulawayo charged with fraud.

Nokuthula Sibanda and Nothando Ndlovu allegedly received a total of $5 730 from the complainant on the pretext of securing a UK sponsorship certificate for her daughter sometime last year.

However, the accused persons provided conflicting information during numerous follow-ups, leading the complainant to report the matter to the police.

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The pair was remanded to November 18.

The state alleges that the complainant and her daughter approached Sibanda seeking assistance to secure a UK sponsorship certificate for her daughter.

Sibanda and Ndlovu, acting in connivance, promised to facilitate the process upon payment of a registration fee of $230 and a processing fee of $5 300.

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The complainant paid the registration fee and an additional $5 300 on May 2 .

She also paid the remaining $200 on May 3

The accused persons assured her that her daughter would depart for the UK in August.

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Despite numerous follow-ups, the complainant received conflicting information, leading her to report the matter to the police.

The total amount lost by the complainant is $5 730, which has not been recovered.

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