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Zimbabwe requires $2 billion investment to update power infrastructure, minister states

Zimbabwe needs $2 billion in financial investment to upgrade its aging power facilities, Finance Minister Mthuli Ncube said on Friday, as constant plant failures trigger debilitating power cuts.

The southern African country is sustaining power cuts of as much as eight hours a day, impacting livelihoods and financial activity.

Ncube required financial investment in solar energy as studies have shown the capacity for floating solar tasks at the Kariba dam.

We require about $2 billion to upgrade power transmission facilities, Ncube informed a financial investment conference in Johannesburg.

To encourage independent solar producers the government in 2022 revealed rewards indicated to assist bring 1,100 MW of new solar tasks on stream by 2025. Nevertheless, a lack of financial investment in brand-new energy tasks has actually slowed progress.

While hydropower stays depressed due to the El Nino induced drought, Zimbabwe's primary Hwange coal-fired power plant and other smaller plants are operating below capacity as a. result of plant failures.

A hydropower generation task with neighbouring Mozambique. is likewise in the works, Ncube stated. We are complying with Mozambique to establish three or so. hydropower tasks along the Zambezi as it meanders into the. Indian Ocean, he stated.

Hydrology is better in Mozambique than Zimbabwe due to the. current dry spell.

Zimbabwe's Deputy Minister of Mines Polite Kambamura also. urged financiers to purchase power generation.

Growth of the mining sector, which is Zimbabwe's leading. foreign currency earner, has actually been blighted by power challenges.

(source: Reuters)