Zim courts China for $2bln Sengwa power project

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ZIMBABWE is courting China Power Investment Corporation to invest in the 2,400 megawatt Sengwa thermal power station in Gokwe, Finance Minister Patrick Chinamasa said on Wednesday.
The Sengwa thermal project, estimated to require $2.2 billion, is owned by RioZim and Rio Tinto Plc. Chinamasa said the two companies were part of the negotiations.
The CPI Group is one of China’s five largest state owned electricity producers, accounting for about 10 percent of the Asian giant’s power output. It produces electricity through hydro, thermal and nuclear power plants.
“We have been talking to CPI and we want to interest them to take up investment in Sengwa Power Station in Gokwe,” Chinamasa told journalists in Harare.
“This was an exploratory meeting and there was a presentation which they will consider and decide whether they want to invest in the thermal power station.”
CPI managing director Lu Qizhou said the company was interested in the Zimbabwe power market.
“We were introduced to some thermal power projects so we will get some more information and do some research about these projects.
“Power generation is our competence. We are willing to work together with the Zimbabwe government and companies,” he said in response to questions.
In Africa, Qizhou said the CPI Group was involved in Tanzania, Kenya and Mozambique.
Chinamasa said the government will consider offering the Chinese company concessions.
“We are not the only destination for investment, there are other countries also and it is very important that we are more attractive to them,” he said.
The Chinese were scheduled to meet with Energy Minister Dzikamai Mavhaire.Advertisement