We've provided a loan facility of N$500 million to the Zimbabwe Power Corporation (ZPC) for the 300 MW extension of the Kariba South Hydro Power Plant.
The facility makes up 10% of the Engineering, Procurement and Construction costs for the expansion - with ChinaExim Bank providing the balance of 90%. The structure of the facility is cross-border, placing reliance for repayment on a long-term Power Purchase Agreement (PPA) between ZPC and NamPower.
ZPC has a long track record of delivering power to NamPower. The PPA provides a long-term and sustainable cash flow stream to ZPC, enabling the entity to raise further funding for new projects and rehabilitation of existing infrastructure.
Power is one of the core sectors that we are focusing on.