25 September 2018

Zimbabwe: Craft in $1,8bn Solar Partnership

Local property firm, Craft Properties Private Limited, has entered into partnership with a United States investor for $1,8 billion solar projects to be implemented across the country.

On completion, the projects - anticipated to commence early next year - should add 900MW to the national grid.

The implementation of the projects will be done in conjunction with the regulator Zimbabwe Energy Regulatory Authority (Zera).

The partnership came after a series of business meetings and fora attended by Craft Properties in USA and Europe where the firm marketed the brand Zimbabwe highlighting the available investment opportunities.

Craft Properties founder and chief executive officer Kudakwashe Taruberekera, said this was complimenting President Mnangagwa's initiatives of attracting vast investment into the country in line with the "Zimbabwe is open for business" mantra.

He added the projects were expected to benefit local industry, create employment and benefit many other local firms across the value chain.

"The proposed mega solar projects will grossly benefit the country in terms of Foreign Direct Investment, employment creation to the tune of above 4 000 people for a minimum period of five years.

"These will include skilled and unskilled people and supplementary power supply for the country to be incorporated into the national electricity grid.

"We are busy undertaking the feasibility study for the mega solar projects and fulfilling certain requirements requested by the foreign investor before we start to implement the mega solar projects."

In light of this, a Craft Properties delegation will meet with the investor in the USA as the two parties map the way forward before commencement of the projects early 2019.

Mr Taruberekera was upbeat of the successful implementation of the mega solar projects and that Zimbabwe will benefit from the investor's vast experience in renewable energy.

Without providing further details, he said the investor was a reputable independent power producer and renewable energy development company that specialised in the facilitation, development, and operating of sustainable power generation projects in Africa.

Mr Taruberekera said his company would continue scouting for more investments into the country's various sectors such as land and property development where the firm is actively involved in.

The property firm has so far worked on a high density residential project in Kadoma where it has completed construction of houses.

This is in addition to an agro-residential project in the same town.

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