Parliament impressed by financing model of Hwange Expansion Project

By Tichaona Kurewa

THE Parliamentary Portfolio Committee on Budget and Finance has expressed satisfaction with the financing model of the Hwange Unit 7 and 8 Expansion Project.

 The Hwange Unit 7 and 8 Expansion Project being financed through a loan facility from the China Exim Bank, is set to transform the country from a power importer to a power exporter upon completion.

The loan will be repaid over a period of 20 years from the time power generation begins.

Speaking after a tour of the Hwange Unit 7 and 8 expansion project, Parliamentary Portfolio Committee on Budget and Finance Chairperson, Dr Mathew Nyashanu highlighted that the project is in line with Vision 2030.

 “As a committee we are impressed with the financing model at the power project. We urge the bank to release funds as quickly as possible so that the project meets its timelines,” he said.

Zimbabwe Power Company Acting Managing Engineer Kenneth Maswera indicated that the project is on course to meeting set targets.

“The project is now at 90 percent complete. Most of the power station auxiliaries have been completed and commissioned eg raw water treatment plant and Demin Water Plant. Other auxiliaries are scheduled to commissioned in the coming weeks,” said Maswera.

The project which will add 600 megawatts to the national grid is one of the major success stories of the Second Republic in Matabeleland North Province alongside the Gwayi-Shangani Lake.