Afreximbank joins as a commercial partner of Modaso Energy & Tatanga Energy's Guruve-Mazowe Hybrid Energy Project, Zimbabwe

The pan-African lender will provide components of the financial package to support the project commercial structure, working alongside the project partners including ZESA.

10 November 2026: The African Export-Import Bank (Afreximbank) issued an indicative Heads of Term to join as a commercial partner of the Guruve-Mazowe (Chikonyora) Hybrid Renewable Energy Project in Mashonaland Central, Zimbabwe. The announcement follows the launch of the project on 4 November 2026 by Modaso Energy, a MISA Groupcompany, and Zimbabwean developer Tatanga Energy.

The role of Afreximbank

Afreximbank is a pan-African multilateral lender that finances trade and the infrastructure trade depends on, including power. It runs its Southern Africa operations, covering 13 countries including Zimbabwe and Zambia, from its regional office in Harare. Its participation brings a multilateral lender into the debt package being arranged by Standard Bank, so the project will draw on both development and commercial finance as it moves towards financial close.

"Electricity poverty remains a priority for the continent to eradicate. The generation of electricity under the Guruve-Mazowe Hybrid Renewable Energy Project will significantly contribute towards powering the development of Zimbabwe and the neighbouring countries,” said Andrew Masuwa, Director, Client Relations Southern Africa at Afreximbank.

“We are delighted to be strengthening our commercial partnerships on this project through Afreximbank. It has been encouraging to receive meaningful support from a continental financial institution of Afrexim’s scale and size to bring further validation to the Guruve-Mazowe project, and to help us move the project closer to completion,” said Ramy Lotfy, Co-Founder and CEO, Modaso Energy.

About the Guruve-Mazowe Hybrid Energy Project

The project combines 128 MW of wind, 100 MWac of solar PV and a 50 MW/100 MWh battery behind a single 100 MW connection to the national grid. It will be Zimbabwe’s first utility-scale wind farm and the first site in the country to combine wind, solar and battery storage. It is expected to deliver around 550 GWh a year, equal to roughly 5% of Zimbabwe’s current annual generation.

ZESA, the national utility, will be the primary offtaker. Africa GreenCo, through its Zimbabwean subsidiary ZimGreenCo, has signed Heads of Terms to buy a share of the output under a long-term contract. Further output may be sold into the Southern African Power Pool.

Tatanga Energy originated the project, and Modaso Energy redesigned it as a hybrid plant while its parent company MISA Energy has brought its balance sheet strength and network of financial relationships to anchor the sponsor group and connect the project to international lenders, investors and risk-cover providers.

The companies are developing the project in close partnership with ZESA. Financial close is targeted for mid-2027, with construction to start immediately afterwards and commercial operation targeted for 2029.

Read the original project launch announcement of 4 November 2026 here.

Watch the project launch video here.