Norsad Capital exits Zimbabwe solar power investment
Norsad Capital exits Zimbabwe solar power investment
Norsad Capital has exited from Riverside Solar Power Station, a 2.5MW solar power plant.
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Norsad Capital, an impact investor and private credit provider with its principal operations in Southern Africa, has exited from Riverside Solar Power Station, a 2.5MW solar power plant located outside Mutoko, Zimbabwe.
The funding facilitated the construction and operationalisation of the plant, significantly contributing to the regional electricity supply. The plant provides reliable power to the national grid, benefiting nearby Mutoko Town and surrounding areas. For the year ending December 2023, Riverside Solar Power Station generated 4,560 MWhrs of electricity.
Zimbabwe has experienced frequent power shortages and load shedding, negatively impacting its economy and residents’ quality of life. These issues stem from outdated infrastructure, disruptions in imported electricity supply, and inadequate investment in the power sector. This was the first grid-connected solar power station in Zimbabwe, serving to demonstrate proof of concept, attractiveness and suitability of the country’s renewable energy sector for investment. During its construction, the station sourced goods and services from local suppliers, diversifying the area through improved facilities, roads, electrification, and job creation.
Alice Zulu, investment director at Norsad Capital, said, “As an impact investor, we are aware of the future risks posed by climate change and the need to incorporate climate-related considerations into our business practices. This project exemplifies our commitment to sustainable development and our purpose to build a better Africa.”
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