Zimbabwe's Biggest Miners Seek $182 Million for Solar Projects [Financial Post (Toronto, Ontario, Canada)]
IMPALA PLATINUM HLDGS ADR (IMPUY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Some of Zimbabwe's biggest miners are seeking $182 million to develop 200 megawatts of locally-generated solar power, according to the head of the renewables company responsible for the projects. The agreement was signed between Grid Africa and the Intensive Energy User Group, whose members include Impala Platinum Holdings Ltd.'s Zimbabwean unit, Tsingshan Holdings Group Co.'s Afrochine Smelting Pvt. Ltd and RioZim Ltd. among others. “Talks with various funding partners, such as mining companies, banks, developmental financiers, and vendors like Power China and RIC Energy, are progressing,” Norman Moyo, co-founder and chief executive of Grid Africa said in an interview. “The financing structure will consist of about 70% debt and 30% equity.” Zimbabwe faces an energy shortfall that often triggers the state-owned power company to implement rolling
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