Published On: Mon, May 15th, 2017

Millions secured for Zimbabwe energy projects

Eskom electricity power linesJOHANNESBURG, (CAJ News) -ENERGY generation in the region has received a major boost following the US$120 million financing deal Standard Bank has arranged for the rehabilitation of existing power infrastructure at Zimbabwe’s major power stations.
Kariba South hydro and Hwange thermal power stations will be upgraded.
Standard has finalised the debt package for the Zimbabwe Power Company (ZPC).
As lead arranger for the facility, Standard Bank has partnered the Eastern and Southern African Trade and Development Bank to deliver the financing.
The transaction was a continuation of a previous funding arrangement with ZPC, which went towards their contribution into the 300MW expansion at Kariba South facility.
This funding will assist in improving access to power for Zimbabwe and Namibia, and in the medium to long term, benefits of improved power supply and reliability will also extend to other Southern African Power Pool (SAPP) members, said Tandiwe Njobe, Regional Head: Investment Banking, at Standard Bank.
“Without reliable access to power, industry and economic growth are negatively impacted,” she said.
Access to energy remains critical to the future growth potential of sub-Saharan Africa but power supply remains extremely limited across large parts of the region.
It has been well articulated that inadequate energy supply constrains economic growth and development on the continent.

CAJ News

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