After signing a US$200k deal with China’s China Gezhouba Group International Engineering Corporation (CGGC), ZSE listed Rio Zim will next year construct a Solar Plant that will contribute 178MW into the national grid, the Herald reports. The construction will take at least 6 months to complete and it will service Rio Zim’s 4 mines namely Renco, Cam and Motor and Dalny Mine.
A source that spoke to the publication about the project said the Industrial and Commercial Bank of China (ICBC) will fund 85% of the project:
The project is moving very well and is on course. In fact, term sheets have been agreed with ICBC to provide 85 percent of the funding. Standard Bank will also make 15 percent contribution to project finance,
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The project is expected to feed not only the mining giant’s operations but the country will benefit too.
More: The Herald