Zimbabwe industrial power users to raise $250 million for floating solar panels

Zimbabwe's industrial electricity consumers and exporters aim to raise $250 million to build the first phase of floating solar panels on the world's largest man-made lake.

Members of the Intensive Energy User Group, which also includes mining companies, will own 52% of a development company for the project to be located on Lake Kariba, between Zimbabwe and Zambia, according to a pre-feasibility study seen by Bloomberg.

The electricity generated by the station, initially planned for 250 megawatts, will be sold to the group and other qualifying customers under a 25-year power purchase agreement.