US$350M Hwange Power Station Refurbishment Talks "Successful" - Mangudya
John Mangudya, CEO of the Mutapa Investment Fund (MIF), said that ZESA Holdings had productive talks with Indian firm Jindal Africa Investments over a US$350 million joint venture.
Mangudya told the Independent that the Jindal Africa Investments team recently visited Zimbabwe.
The partnership aims to refurbish six units at the Hwange Thermal Power Station. Said Mangudya:
Yes, the team from Jindal was in the country to finalise on the rehabilitation agreement of Hwange Units 1 to 6 with ZESA. The meetings were successful.
The Independent reported sources as saying that the team met with MIF, power utility ZESA, and the Zimbabwe Investment and Development Agency (ZIDA).
In 2024, MIF approved the joint venture deal, which will be implemented under a rehabilitate, operate, and transfer (ROT) framework.
This investment is expected to add approximately 400 megawatts (MW) of electricity to Zimbabwe’s national grid, offering some relief as the country continues to grapple with severe power shortages.
In 2023, President Emmerson Mnangagwa commissioned Hwange Power Station’s Units 7 and 8, adding 600MW to the national grid. This project, undertaken by Chinese firm Sinohydro, cost US$1.5 billion.
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