China based engineering company Chint Electric Co., Ltd. has committed a $52 million advance payment guarantee for the 100 MW »Gwanda« solar project located at Matabeleland South, Zimbabwe. According to the local newspaper »Chronicle«, Chint Electric said it »was willing and ready to provide a guarantee covering 30 percent of the engineering, procurement and construction (EPC) aspect of the contract.« Meanwhile, Intratrek Zimbabwe, Chint Electric’s local partner in the Gwanda project, is finalizing alternative funding for the project locally through pension funds and insurance backed infrastructure bonds.
Construction of the Gwanda solar project was initially quoted at $172 million, but the price was later reviewed down to $132 million due to the falling costs of constructing solar projects across the entire world. The »Gwanda« solar project will be built in phases of 26.1 MW, 28.2 MW, 21.7 MW and 23.9 MW. Contractor is state power utility Zimbabwe Power Company (ZPC).
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