African Export-Import Bank, or Afreximbank, has signed a heads of terms agreement to provide USD 4.4 million (EUR 3.80m) to support a 1-GW hybrid floating solar project on Lake Kariba in Zimbabwe.
The financing facility will be extended to Green Hybrid Power Private Limited to fund the bankability and feasibility studies for the project and the procurement of transaction advisers. It is expected to unlock an estimated USD 350 million in investment.
The plan is to build the solar park in two phases, starting with the installation of 500 MW of power-generating capacity. The pilot stage will supply electricity to the Intensive Energy Users Group, a consortium of large industrial and mining companies, under a 20-year take-or-pay power purchase agreement (PPA).
The agreement was signed during the 32nd Annual Meetings of Afreximbank (AAM2025). It was one of four project preparation deals inked at the event, which are collectively expected to catalyse around USD1 billion in investments.
