- Green Hybrid Power secured a $4.4 million facility from Afreximbank to fund feasibility studies for a 1 GW floating solar plant on Lake Kariba.
- The company will supply 500 MW from the first phase to industrial users under a 20-year power purchase agreement.
Green Hybrid Power Private Limited has signed a multimillion-dollar deal to start work on a large floating solar project in Zimbabwe. The company, led by businessman Eddie Cross, plans to build a 1-gigawatt (GW) solar power system on Lake Kariba.
Afreximbank agreed to extend a US$4.4 million project preparation facility to Green Hybrid Power, enabling critical feasibility and bankability studies and funding transaction advisors. The agreement, signed during the 32nd Annual Meetings of Afreximbank (AAM2025) held in Nigeria, marks the project’s first significant milestone.
Mrs. Kanayo Awani, executive vice president for Intra-African Trade and Export Development, signed on behalf of Afreximbank, while Cross signed for Green Hybrid Power.
The project is planned in two phases and targets an initial generation capacity of 500 megawatts (MW) under a pilot phase. The output will serve the Intensive Energy Users Group (IEUG), a consortium of major industrial and mining companies in Zimbabwe, under a 20-year take-or-pay power purchase agreement with a cost-reflective tariff.
Furthermore, the development could unlock an estimated investment of US$350 million and deliver stable, affordable power to support mineral processing and industrial output. Project backers say the initiative will reduce Zimbabwe’s dependence on imported electricity and stabilise supply.
Zimbabwe’s peak electricity demand is about 2,200 MW, but domestic generation fluctuates between 1,000 MW and 1,400 MW. The shortfall frequently results in extended power cuts, undermining business productivity and quality of life.
Green Hybrid Power aims to address this gap and enhance energy security by deploying renewable energy at scale. The company plans to anchor the system on Lake Kariba, which already hosts a major hydroelectric facility, though low water levels due to drought have hindered output in recent years.
In addition, Zimbabwe continues to prioritise private sector-led renewable energy investment. The Zimbabwe Energy Regulatory Authority (ZERA) has issued over 171 licenses to Independent Power Producers (IPPs), with many projects backed by standardised project support agreements to enhance investor confidence.
This latest floating solar deal forms part of a broader Afreximbank effort to mobilise clean energy finance across Africa. In 2025 alone, the bank signed four project preparation transactions, collectively expected to unlock up to US$1 billion in investment.
Green Hybrid Power’s Lake Kariba project reflects a strategic pivot toward scalable renewable power to meet Zimbabwe’s growing demand, reduce fossil fuel dependence, and enhance economic resilience.