The Zambezi River Authority (ZRA) says it is satisfied with the huge interests by international institutions to fund the $4 billion Batoka Gorge Hydro Electric Scheme which is expected to commence during the fourth quarter of 2019 and has prioritised stakeholders’ engagement in the implementation of the project.
Zimbabwe and Zambia are considering several options to finance the 2 400 megawatt Batoka Gorge Hydro Electric Scheme including grants, equity and built operate and transfer model.
The ZRA which is overseeing the roll out of the project is excited about the huge interest by financiers and developers from Europe, Asia, South America and Africa to participate in the project which set to significant economic impact to both Zambia and Zimbabwe economies.
ZRA chief executive Mr Munyaradzi Munodawafa reaffirmed that the project is set to take off next year adding that the authority has prioritised stakeholders engagement to ensure that there is a total buy in for the smooth execution.
“There is a lot of interests in all areas of funding. As we speak there are other proposals which are coming up which we are considering,” he said.
On Wednesday the 11th of April (today), the ZRA official held a meeting with the Victoria Falls Municipality to update the local authority of the project status and to seek ways in which the two parties can cooperate.
Victoria Falls Municipality town clerk Mr Ronnie Dube said the project has huge economic benefits to the country adding that the local authority fully supports the initiative.
“If you look at the bigger picture this project has immense benefits to the two countries. As a local authority we are prepared to work with Zambezi River Authority to ensure that the project succeeds,” said Mr Dube.
The Batoka Gorge Hydro Electric Scheme has a generation capacity of 2 400 mw to be shared between Zimbabwe and Zambia.
The completion of the project is set to ensure that both countries have improved power supplies and competitive cost of electricity.