Sunco Power Co Pvt Ltd, a Zimbabwe-registered start-up, is looking to obtain financing for a 20 MW solar PV park to be constructed in the south of Zimbabwe.
The company is in the process of obtaining a piece of land (121.4 ha) for the project in Matabeleland province.
Sunco Power plans to obtain a US$22.9 million loan with an interest of around 10% per year to be repaid in 10 years.
Sunco Power expects to finalise a power purchase agreement (PPA) with the Zimbabwe Electricity Supply Authority (ZESA) after it gets permission from the Zimbabwe Energy Regulatory Authority (ZERA).
UK-based Green Rhino Energy is advising Sunco Power on the project.
The project should be implemented in two phases over a period of 10 months.
We announced in October 2015 that Zimbabwe's State Procurement Board (SPB) awarded tenders for solar power projects with a combined output of 300 MW to three firms: Intratrek Zimbabwe (Gwanda project), China's ZTE Corporation (Insukamini project) and China's Number 17 Metallurgical China (Munyati project).