Indian firm Jaguar Investments is yet to begin work on the rehabilitation of the Harare Power Station three years after winning the tender. The company is reported to be struggling to secure the $70 million required for the job. The firm failed to get funding from the State-owned India Eximbank after reports that the company does not have a good relationship with the bank.
Jaguar Investments and its local partner, Intratrek Zimbabwe fronted by businessman Wicknell Chivhayo, also won another tender repower Munyati Power Station, despite having a hard time securing funding for the Harare Power Station.
The re-powering of the power stations is part of Zesa Holdings’ plan to raise the country’s power production.