Zimbabwean businessman Sir Wicknell Chivayo has announced that Intratrek Holdings will finance the first phase of its planned solar power project in Eswatini using the company’s own resources, following what he described as significant progress in securing government approvals.
In a statement on July 9, Chivayo said he briefed King Mswati III on the project’s progress during a meeting at the royal palace, where he revealed that the company had decided to self-fund the initial phase of the development.
Sir Wicknell Chivayo Announces Self-Funding for Solar Project
According to Chivayo, Intratrek Holdings will finance the first 50-megawatt (MW) phase entirely from its balance sheet and internal resources, without relying on external funding.
He added that the company expects the initial 10MW to be completed within six to eight months, describing the timeline as achievable based on the progress made so far.
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“Following these encouraging developments, I was delighted to reassure His Majesty that Intratrek Holdings has taken the bold decision to self-fund the first phase of the 50MW project entirely from our own balance sheet and internal resources,” Chivayo said.
Chivayo attributed the decision to move ahead with self-funding to the progress already made in the project’s approval process.
Equipment to Come From US and Europe
Chivayo also announced a change in the project’s procurement strategy.
He said that after consultations with international technical advisers, Intratrek Holdings had decided that the project’s principal original equipment manufacturers (OEMs) would now be sourced predominantly from the United States and Europe.
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The decision means the company will no longer engage CHINT Electric Co., Ltd, the Chinese manufacturer that had previously been considered for the project.
“As Africans, we should embrace the best global technology, but the development of our continent must ultimately be driven by Africans, for Africans, harnessing our own expertise to deliver transformational projects that will benefit future generations,” Chivayo said
According to Sir Wicknell, key equipment, including solar photovoltaic modules, inverters, transformers, switchgear, and SCADA control systems, will instead be procured from internationally recognized manufacturers in the United States and Europe.
However, he said the engineering, procurement and construction (EPC) works will be carried out by professionals from Eswatini, Zimbabwe and South Africa, saying the project will combine global technology with African expertise.
Chivayo noted he briefed King Mswati III on the project during a recent visit to Eswatini, expressing confidence that it would help expand access to clean energy and support the country’s economic development.
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