African Export–Import Bank, also referred to as Afreximbank or Banque Africaine d’Import-Export, has signed a $4.4 million project preparation facility agreement with Green Hybrid Power Private to advance feasibility and bankability studies for a 1 GW floating solar photovoltaic (PV) power plant on Lake Kariba in Zimbabwe, Africa.

According to Afreximbank, the project, which will be implemented in two phases, includes an initial 500 MW pilot targeting industrial and mining customers. Power will be sold entirely to the Intensive Energy Users Group, a consortium of large-scale energy consumers, under a 20-year “take-or-pay” power purchase agreement at a cost-reflective tariff.