Zambia and Zimbabwe plan to start construction of a $4 billion power-plant complex that will supply both nations next year.
The African Development Bank is advising the Zambezi River Authority on raising funds for the Batoka Gorge power plant and it’s likely that it will reach financial close by the end of the year as planned, Zambezi River Authority Chief Executive Officer Munyaradzi Munodawafa said in an interview Wednesday in Kariba, about 400 kilometers (249 miles) northwest of Zimbabwe’s capital, Harare.
The 2,400-megawatt project will be located downstream from Victoria Falls on the Zambezi River that straddles the two countries.
Batoka will help meet rising demand for electricity in Zambia and Zimbabwe, which is expected to more than double by 2035, according to EY, an adviser on the project.
The countries will operate separate power plants.
“The interest from financiers is huge,” Munodawafa said. “This is going to be one of the fastest-implemented projects in the region.”