Zesa Holdings secures $176m from AfreximBank

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TINASHE MAKICHI

Zesa Holdings through Zimbabwe Electricity Transmission and Distribution Company (ZETDC) has organised a $176 million facility from African Export and Import Bank (AfreximBank) meant to cater for its power projects.

Of the $176 million, $46 million was allocated to the 120 Megawatts Mutare Peaking Power project and the Zimbabwe Power Country (ZPC) through ZETDC are currently engaging on the modalities for the drawdown of these funds.

The construction of the peaking plant is being spearheaded by local electrical equipment manufacturer, Helcraw Electrical Private Limited and its technical partner, Ansaldo Energia headquartered in Genoa, Italy.

Helcraw won the tender last year and as the contractor; ZPC – the power generation subsidiary of ZESA Holdings – has been expected to hold public hearings where all stakeholders will make oral representations as required by the EIA.

Concerns have been raised of late over the capacity of the electrical equipment manufacturer to undertake the project considering circumstances around the awarding of the tender after it has been previously awarded to another electrical company, Pito.

However ZESA Corporate Affairs executive Fullard Gwasira said: “Helcraw have a proven track record of success in a number of projects they have undertaken within the ZESA Group. In this case, they are coming in with a strong suit of subcontractors which is typical of any EPC structure.”

He added that due diligence on the ability of the EPC contractor and sub-contractors was carried out and was deemed to be satisfactory.

Helcraw’s technical partner, Ansaldo Energia is Italy’s largest supplier, installer and service provider for power generation plants and components and one of the world’s leading players in the sector. Ansaldo Energia has brought machinery and power plants to 90 countries on all five continents confirming that it is an innovative producer and a vital technology partner for emerging economies