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Zimbabwe Power Company (ZPC) and China’s Sinohydro Corporation have brought the $1.4 billion rehabilitation project at Zimbabwe’s Hwange coal-fired power plant to financial close, it has emerged.
China Exim Bank provided around $998 million to the government of Zimbabwe, and the government on lent the amount to the project. Meanwhile, Johannesburg-headquartered Standard Bank provided $40 million for the scheme.
The Hwange project will add 690MW generation capacity to the facility. The plant’s installed capacity is 920MW, however ageing equipment means only around 600MW of this is in use.
The project also comprises upgrades to the country's transmission network, works that...